Silver ETFs Crash Up to 15% as MCX Silver Slides Sharply; Gold Holds Steady

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Silver ETFs Crash Up to 15% as MCX Silver Slides Sharply; Gold Holds Steady

Silver exchange traded funds (ETFs) saw heavy selling on February 5 after silver prices resumed their decline, with some funds falling by double digits. Gold ETFs, in contrast, remained relatively stable amid the volatility.

Published by Somesh | February 05, 2026

Silver exchange traded funds (ETFs) witnessed a sharp sell-off on February 5, with several funds plunging between 10% and 15% in early trade as silver prices slipped again after a brief recovery. The sudden decline followed two sessions of rebound in precious metals after a steep correction earlier this week.

At the time of writing, MCX silver was trading near ₹2,46,397, down 8.35% or ₹22,453, reflecting renewed selling pressure. In comparison, gold prices showed relative resilience, with MCX gold quoted around ₹1,52,000, lower by just 0.68% or ₹1,046. The stark divergence explains why silver-focused ETFs faced significantly heavier losses than their gold counterparts.

According to the Augmont Bullion Daily Report, both gold and silver surrendered recent gains as fresh selling and heightened volatility returned to bullion markets. Investor sentiment weakened further after China’s gold ETFs recorded record single-day outflows, with nearly $1 billion withdrawn from major bullion-backed funds following the recent correction.

Market analysts note that silver typically reacts more sharply than gold during corrections due to its dual role as an industrial metal and an investment asset. This often amplifies price swings during uncertain market conditions.

From a technical perspective, Ponmudi R, CEO of Enrich Money, said MCX silver futures are currently trading in the ₹2,50,000–₹2,60,000 range after a sharp fall from record highs near ₹4,20,000. While the long-term trend remains positive, prices slipping below key moving averages indicate short-term weakness.

Strong buying interest is visible in the ₹2,35,000–₹2,50,000 zone, which acts as a crucial support area. If silver holds above this level and recovers gradually, prices could move towards ₹3,00,000–₹3,25,000 in the coming sessions. However, a decisive break below support could trigger further downside.

Gold, meanwhile, has remained comparatively stable. MCX gold is trading in the ₹1,49,000–₹1,55,000 range after correcting from record highs of around ₹1,80,000–₹1,81,000. Analysts say gold’s broader bullish structure remains intact, supported by strong demand near the ₹1,45,000–₹1,48,000 zone.

For investors, the sharp fall in silver ETFs serves as a reminder of the commodity’s inherent volatility. While short-term fluctuations may persist, experts suggest long-term investors may view sharp corrections as opportunities to accumulate gradually, provided key support levels remain intact.