Silver prices crash 10%: Silver ETFs decline up to 7%, Hindustan Zinc shares fall nearly 5%

Silver prices see profit booking in trade.

• Silver ETFs fell up to 7 percent after strong US jobs data.
• Stronger dollar weighed on precious metals, lowering demand.
• Gold and silver rebounded after hitting one-week lows.

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Silver exchange-traded funds (ETFs) fell up to 7 percent on Friday after the U.S. dollar strengthened following stronger-than-expected January jobs data, which dampened expectations of near-term interest rate cuts by the U.S. Federal Reserve.

The dollar also rose on reports that Russia may consider returning to the dollar settlement system as part of a possible economic understanding with the United States.

A stronger dollar typically weighs on precious metals as most commodities, including gold and silver, are priced globally in the American currency. When the dollar appreciates, these metals become costlier for buyers using other currencies, leading to lower demand and prices.

"Such a move, if it materialises, would reinforce the dollar’s dominance in global trade, especially in energy and commodities," CR Forex Advisors MD Amit Pabari said in a note.

Among domestic ETFs, Tata Silver ETF declined up to 7 percent. Other silver ETFs that fell included Nippon India Silver ETF, down 6.5 percent, Zerodha Silver ETF (-6.26%), HDFC Silver ETF (-6.6%) and ICICI Prudential Silver ETF (-6.2%).

Shares of Hindustan Zinc dropped nearly 5 percent in trade.

Hindalco Industries shares fell more than 5 percent as the Aditya Birla Group-owned metals producer reported 45 percent Q3 profit drop year-on-year, driven by expenses linked to fire-related disruptions at US unit Novelis.

In international commodity markets, gold and silver rebounded on Friday as bargain-hunting emerged after both metals had slid to one-week lows in the previous session.

On the Multi Commodity Exchange, silver futures for March 5, 2026 delivery rose nearly 3 percent, gaining Rs 6,565 to Rs 2,43,000 per kg.

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