Silver ETFs Plunge 18% as Futures Drop 11% on MCX; Gold ETFs Down 5%

• Gold and silver Exchange-Traded Funds (ETFs) experienced significant drops on February 5, following a sharp decline in precious metal futures.
• Silver ETFs crashed up to 18%, with specific funds like Kotak Silver ETF falling 18% and Edelweiss Silver ETF over 15%.
• Gold ETFs also saw declines, with Motilal Oswal Gold ETF down 5.5% and others like Edelweiss Gold ETF and SBI Gold ETF falling around 5%.
• The fall is attributed to profit booking after two days of gains and market focus on US ADP non-farm payrolls data and the upcoming US jobs report.
• Analysts suggest the long-term outlook for precious metals remains bullish despite current volatility, citing central bank buying and geopolitical tensions.