National News
SEBI proposes price bands for gold and silver ETFs
The unprecedented volatility in the prices of gold and silver in recent weeks has prompted markets regulator Sebi to have a closer look at the price bands and circuit filters for exchange traded funds (ETFs).
Sebi proposed to put +/-20% price bands on ETFs on two precious metals, gold and silver. Part of the price band could also depend on the volatility in prices of these metals in the international markets, Sebi said. The regulator is also proposing graded price bands for ETFs on debt and equity indices, with a similar +/-20% range.
In the seven-page consultation paper, Sebi proposed an initial price band of +/-6% for gold and silver ETFs, which may be flexed up to +/-20% during the trading day subject to a cooling off period.
After exhausting the initial price band there will be a cooling-off period of 15 minutes, thereafter the price band will be flexed by 3%. In case the price movement in the international markets is more than the aggregate daily price limit (DPL) of 9%, the same may be further relaxed in stages of 3% by the exchange with a cooling-off period of 15 minutes. The single day maximum variation of +/-20% would be applicable
Precious metals extended their retreat for a second consecutive week as a firmer U.S. dollar and fading expectations of near-term interest-rate cuts from the Federal Reserve weighed on investor appetite for bullion.
In India, gold futures on the Multi Commodity Exchange settled below the ₹1.60-lakh mark per 10 grams at the close of trading on March 14, silver futures declined about 1% for the day, reflecting persistent selling pressure across the metals complex.
Global markets echoed the weakness. Spot gold slipped more than 1%, struggling to hold above $5,050 an ounce, while spot silver tumbled roughly 4% to trade near $80.50 an ounce.
The pullback comes as the strengthening dollar reduces the appeal of dollar-denominated commodities. At the same time, investors are recalibrating expectations that the Federal Reserve will move quickly to ease monetary policy, diminishing one of the key catalysts that had propelled bullion prices higher earlier this year.
Together, the firmer currency and shifting rate outlook have triggered broad profit-taking in precious metals, pushing both gold and silver to their second straight weekly decline.
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