Not just gold, but silver prices have also come down. And this has adversely impacted silver exchange-traded funds (ETF). Silver ETFs fell 11.86 percent in last one month ended May 17, 2022, whereas gold ETFs have lost 5.13 percent. The US Dollar has gone up pushing down precious metals. The fear of economic slowdown is here as interest rates go up. This slows down the demand for industrial metals, including silver.
Silver prices have fallen to Rs 60,708 per kg since the beginning of CY2022 from Rs 62,088 per kg. The prices went up when the war between Russia and Ukraine began. However, it fell after the interest rate hike in USA was announced.