Gold and Silver ETFs Plunge Up To 16% Amidst MCX Crash, Investor Panic

• Gold and silver ETFs experienced significant declines, falling by up to 16% in early trading on Sunday.
• MCX gold futures for February delivery dropped by 9% to ₹136,185/10 grams, and silver futures for March delivery fell by 9% to ₹265,652/kg.
• Major Gold ETFs like Baroda BNP Paribas, Motilal Oswal, Edelweiss, LIC MF, and Birla Sun Life saw declines of 15-16%.
• Silver ETFs including Bandhan, Motilal Oswal, and Zerodha also plunged by 14-16%.
• Global precious metal prices fell due to a strengthening dollar, profit booking, and the nomination of Kevin Warsh as the new Federal Reserve chairman, impacting investor sentiment.

Why It Matters: Gold and silver ETFs crashed up to 16% due to MCX price drops and global market factors.