Spot Silver Prices: The primary driver is the global spot price of silver. DSPSILVETF.NSE aims to track silver's performance, so its price closely mirrors fluctuations in silver's market value.

Rupee-Dollar Exchange Rate: As silver is typically priced in US dollars, the INR/USD exchange rate impacts the ETF's price. A weaker rupee makes silver more expensive for Indian investors, increasing the ETF's price, and vice versa.

Demand and Supply of the ETF: High demand for the ETF can push its price above its net asset value (NAV), while increased selling pressure can cause it to trade at a discount. Market sentiment and investment trends play a role here.

Fund Management Expenses: The expenses charged by the fund house to manage the ETF, although usually minimal, can affect the returns and thus indirectly influence the ETF's price. Higher expenses result in slightly lower returns.

Global Economic Factors: Factors like global economic growth, inflation rates, and interest rate policies of major central banks can influence investor sentiment towards precious metals like silver and, consequently, affect the ETF's price.

Geopolitical Events: Political instability, trade wars, or other major geopolitical events can increase the demand for safe-haven assets like silver, boosting the ETF's price due to increased investment flow.

Industrial Demand for Silver: Silver has significant industrial applications. Changes in industrial demand from sectors like electronics, solar panels, and photography can influence the price of silver and, in turn, the DSPSILVETF.NSE's price.

Interest Rates: Rising interest rates typically make holding non-yielding assets like silver less attractive, potentially reducing demand and lowering the ETF's price. Conversely, lower rates may increase demand for silver as an alternative investment.