Gold, Silver ETFs Plunge Up To 14% Amid Global Sell-Off; Fed Chair Speculation Blamed

• Gold and silver ETFs experienced sharp selling pressure on January 30, with some silver ETFs nosediving over 14%.
• Gold futures on MCX slid around 5% to Rs 1,75,100 per 10 grams, reversing from a record high.
• Silver futures also dropped significantly, with the March contract falling about 6% to Rs 3,75,900 per kilogram.
• Major gold ETFs like Nippon India ETF Gold BeES, ICICI Prudential Gold ETF, and Axis Gold ETF declined by 9-10%.
• The sell-off was triggered by a sharp correction in global markets due to speculation about a more hawkish US Federal Reserve chair.

Why It Matters: Precious metal ETFs saw a significant decline due to global market correction and speculation over a hawkish US Fed Chair.