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Silver, Gold ETFs Crash Over 20%: Will Bullion Prices Decline Further?
Silver, Gold ETFs Crash Over 20%: Will Bullion Prices Decline Further?
Silver, Gold Price Crash: Gold and silver exchange-traded funds (ETFs) witnessed a sharp sell-off on January 22, with some silver ETFs plunging as much as 21% in the early trade, as precious metal prices eased amid easing geopolitical and tariff-related tensions triggered by comments from US President Donald Trump.
The steep correction has come after a recent record rally in bullion prices. The bullion rates recently skyrocketed due to heightened geopolitical risks after Trump had threatened tariffs and even hinted at the use of military force over Greenland, comments that had fuelled strong safe-haven demand for gold and silver.
Also See: Gold Price Prediction 2026
What triggered the sudden fall?
Gold and silver prices turned sharply lower after Trump softened his stance, saying the US had reached an understanding with NATO over Greenland's future and that tariffs planned for February 1 would not be imposed.
“Based upon this understanding, I will not be imposing the tariffs that were scheduled to go into effect on February 1st," Trump wrote on Truth Social after meeting NATO Secretary General Mark Rutte in Davos.
Trump also ruled out the use of force to seize Greenland. “I won't do that," Trump said. “Okay? Now everyone's saying ‘oh, good' that's probably the biggest statement I made because people thought I would use force. I don't have to use force, I don't want to use force, I won't use force," he added.
The remarks reduced near-term geopolitical risk, strengthened the US dollar, and prompted investors to book profits in bullion-linked instruments.
Expert view: sentiment shift, not a structural breakdown
Justin Khoo, Senior Market Analyst – APAC at VT Market, said the sharp fall in ETFs reflects a sudden change in sentiment rather than a collapse in fundamentals.
“Today's sharp slump in silver and gold ETFs, with some dropping as much as ~21%, reflects an abrupt shift in macro sentiment rather than a fundamental breakdown in precious metals. Prices had recently been bolstered by record demand as geopolitical and trade-war tensions drove safe-haven buying. However, markets pared gains after U.S. President Donald Trump eased tariff threats linked to Greenland, reducing near-term geopolitical risk and strengthening the US dollar, a known headwind for bullion prices. While spot gold and silver still reflect historically elevated levels, the ETF correction looks like profit-taking and risk-rebalancing as equity markets rally. With structural drivers such as central-bank accumulation, long-term demand and inflation hedging undiminished, disciplined investors may see this correction as a strategic accumulation zone, but should avoid aggressive short-term speculation given ongoing volatility," Khoo said.
Renisha Chainani, head (research) at Augmont, echoed similar views, attributing the fall to profit-booking. “Precious metal witness profit-booking amid easing geopolitical tensions. Gold and silver prices saw profit-booking as geopolitical tensions briefly eased after US President Donald Trump withdrew his threat of new tariffs on European nations and signalled a softer stance on Greenland, saying a ‘framework of a future deal' had been agreed. His assurance that force would not be used, weighed on bullion prices and reduced immediate safe-haven demand," she added.
She added that uncertainty has not fully disappeared.
“However, Trump's continued rhetoric, warning NATO allies that opposition to his Greenland plans would be ‘remembered', has kept underlying uncertainty alive… While near-term profit-taking has capped prices, persistent geopolitical risk and policy unpredictability continue to support the broader bull trend in precious metals," she added.
Silver ETFs take the biggest hit
Among silver ETFs, Tata Silver ETF tumbled 21% to Rs 26.41 after hitting lifetime highs in the previous session. Groww Silver ETF, 360 ONE Silver ETF, and Axis Silver ETF fell around 16%.
Other funds such as Kotak Silver ETF, Mirae Asset Silver ETF, and Aditya Birla Sun Life Silver ETF declined close to 15%, while Nippon India Silver ETF, DSP Silver ETF, HDFC Silver ETF, ICICI Prudential Silver ETF, and Bandhan Silver ETF dropped about 14% each.
Gold ETFs also slide sharply
Gold ETFs were relatively less volatile but still saw steep losses. Aditya Birla Sun Life Gold ETF slipped around 12% to Rs 130.42, while Axis Gold ETF, Tata Gold ETF, and Bandhan Gold ETF declined about 11%.
Funds such as DSP Gold ETF, HDFC Gold ETF, Nippon India Gold ETF, and LIC MF Gold ETF fell over 9% after scaling fresh lifetime highs a session earlier.
Will bullion prices fall further?
According to analysts, the broader trend for gold and silver remains intact despite the sharp correction. Chainani noted that key technical levels continue to hold.
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“For gold, the previous resistance near $4,750 (~Rs 1,49,000) has now turned into a strong support zone… In silver, the $90.5 level (~Rs 3,00,000) continues to act as a strong support," Chainani said.
For now, according to analysts, the consensus view is that the crash in ETFs reflects aggressive profit-booking after an overheated rally rather than the start of a sustained downtrend. However, with global politics still fluid and markets highly sensitive to Trump's statements, volatility in bullion and related ETFs is likely to remain elevated in the near term.
Source: News18
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