New Delhi, Feb. 5 -- Silver exchange-traded funds (ETFs) saw steep declines on Thursday after bullion futures opened sharply lower on the MCX, breaking a two-session recovery. Reports of upcoming US-Iran talks in Oman on Friday weakened safe-haven demand and led to aggressive profit booking across precious metals.

Silver ETFs witnessed the deepest cuts during the session. Axis Silver ETF dropped to an intraday low of Rs.216.86 from the previous close of Rs.275, marking a fall of about 21%. Other funds, including HDFC Silver ETF, ICICI Prudential Silver ETF, Edelweiss Silver ETF, SBI Silver ETF and Kotak Silver ETF, fell between 12% and 17% during the day as the selloff intensified.

Silver prices on MCX declined 9% in today's deals to an...