Gold and silver ETFs fall up to 3% as firm dollar and Fed rate hike bets weigh. Should investors buy the dip?
Executive Brief • Key Highlights
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- ✓Gold and silver ETFs fell up to 3% on Thursday as a stronger dollar and Fed rate hike bets hurt prices.
- ✓Pallav Agarwal said, "investors should continue to buy these through SIPs as per their long-term asset allocation." Many gold and silver funds got hit as market sentiment turned weak.
Story at a Glance
- Category
- Indian Markets
- Reported By
- The Economic Times
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
Synopsis
Gold and silver ETFs declined as a stronger US dollar and rising expectations of a Federal Reserve rate hike weighed on precious metal prices. Financial experts advise investors to continue systematic investments in gold and silver in line with their long-term asset allocation.
Gold and silver exchange-traded funds (ETFs) fell up to 3% on Thursday as domestic prices of the precious metals declined. A stronger dollar, which climbed to a 19-month high, and rising expectations of a Federal Reserve rate hike next month weighed on investor sentiment and put pressure on gold and silver prices.
Nearly 26 gold-based ETFs declined up to 2% each, including SBI Gold ETF, Nippon India ETF Gold BeES, HDFC Gold ETF and ICICI Prudential Gold ETF.
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The Economic Times
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