Gold Plummets 12%, Silver Crashes 36% in Historic Metals Market Rout
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News18•01-02-2026, 08:32
Gold Plummets 12%, Silver Crashes 36% in Historic Metals Market Rout
- •Gold experienced its steepest single-day fall in 40 years, dropping over 12% below $5,000 an ounce.
- •Silver plunged more than 36% in a record intraday collapse, leading a broader metals market sell-off.
- •The crash was triggered by a sharp US dollar rally after reports of Kevin Warsh's nomination for US Federal Reserve chair.
- •MCX gold prices fell 18% to Rs 1,50,849 per kg, and MCX silver tumbled 27% to Rs 2,91,922 per 10 grams.
- •A special MCX trading session is scheduled for Budget 2026 presentation by Finance Minister Nirmala Sitharaman.
Why It Matters: Precious metals saw a historic crash due to a strong US dollar and Federal Reserve chair nomination news.
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