Global Silver Prices: SILVER.NSE ETFs track domestic silver prices, which are directly influenced by international silver prices. A rise or fall in global silver prices will reflect in the ETF's price.

Rupee-Dollar Exchange Rate: Since silver is globally priced in dollars, the INR/USD exchange rate affects 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: The fundamental economic principles of demand and supply affect silver prices and, consequently, SILVER.NSE ETFs. Higher demand than supply drives prices up, while oversupply pushes them down.

Interest Rates: Generally, higher interest rates make bonds and other interest-bearing investments more attractive, potentially decreasing investment in silver ETFs and pushing prices down. Lower rates can make silver ETFs comparatively more appealing.

Inflation: Silver is often viewed as a hedge against inflation. High inflation can drive investors towards silver ETFs, increasing demand and price. Low inflation may reduce demand.

Economic Uncertainty: Silver is considered a safe-haven asset during times of economic uncertainty, geopolitical instability, or market volatility. Increased uncertainty usually leads to greater investment in silver ETFs, boosting their price.

Industrial Demand: Silver has widespread industrial applications. Changes in industrial demand, particularly from sectors like electronics and solar energy, can significantly impact silver prices and, by extension, SILVER.NSE ETFs.

Investment Demand: Investment demand for silver, including from institutional investors and retail investors via ETFs and other financial products, can drive silver prices up or down.

Market Sentiment: Speculative activity and overall market sentiment towards precious metals can play a significant role in price fluctuations of silver and SILVER.NSE ETFs.

Government Policies: Government policies related to import duties, taxes, and regulation of the precious metals market can influence domestic silver prices and the attractiveness of SILVER.NSE ETFs.

ETF Management Fees: While not a primary driver of price movement, the expense ratio or management fees charged by the ETF can impact its returns relative to the underlying silver prices.