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Nippon India Silver ETF, which is widely tracked by investors looking for exposure to precious metals, dropped 4% to trade at Rs 182 apiece. Tata Silver ETF, Angel One Silver ETF, Mirae Asset Silver ETF, Motilal Oswal Silver ETF, Groww Silver ETF, ICICI Prudential Silver ETF and others also dropped around 4% each. This came as silver prices dropped. Silver futures with December, March and May expiries fell around 3% each to trade at Rs 1,93,940 per kilogram, Rs 1,99,985 per kg and Rs 2,04,513 per kg. Also read | 6,500 metric tons incoming in next six months: India opens festive floodgates for silver Why are silver prices falling today? The Indian government issued the permits for 6,500 metric tons of silver imports over the next six months as the world's biggest consumer of the precious metal aims to meet festive-season demand, Reuters reported. India’s higher imports, which rely on international purchases to meet more than 80% of its silver demand, could support global prices while easing hefty domestic premiums that have risen due to tight supplies. India had restricted imports of silver in nearly all forms with immediate effect in mid-May. In June, it further tightened the rules by adding silver grain and powder to the restricted category and requiring prior import authorisation. Bullion dealers who received the permits told Reuters that the approvals would allow the world's largest silver consumer to meet demand during the likely oncoming sale-season rush. Chirag Thakkar, chief executive of leading silver importer Amrapali Group Gujarat, told Reuters that the permitted volume appeared substantially higher than India's likely requirements over the next six months. He said he expected the additional supply to help lower domestic premiums. The scale of the latest import allocation caught market participants by surprise, dealers said, given the weakness in demand for silver jewellery and investment amid falling prices. Meanwhile, investors are now expecting a tough Federal Reserve stance next week, higher bond yields and a steady dollar, which have raised the opportunity cost of holding non-yielding bullion, said Rajeev Sharan, Head of Research, Brickwork Ratings. “Gold is now caught between global conflict fears and high interest rates, while silver is taking a bigger hit as elevated borrowing costs also weigh on industrial demand,” he said. Also read | Oil Price Today (October 23): Crude oil ticks over $114, jumps nearly 8% this week as energy attacks intensify. What are experts saying? Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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