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

Additionally, a strong US dollar and an increase in margin requirements by MCX on silver futures also drove the white metal lower.

Silver ETFs witnessed up to 21% decline 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 Silv...