Gold, Silver Prices Plummet: MCX Sees Dramatic Sell-off, Budget Adds Uncertainty
Business
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Moneycontrol•01-02-2026, 13:05
Gold, Silver Prices Plummet: MCX Sees Dramatic Sell-off, Budget Adds Uncertainty
- •Gold on MCX is at Rs 1.43 lakh per 10 grams, while Silver is around Rs 2.65 lakh per kilogram.
- •Commodity markets are open for a special Sunday session on MCX, coinciding with the Union Budget 2026 presentation.
- •Gold futures (April expiry) slipped 9% to Rs 1,67,406 per 10 grams, a 13% fall from its record high.
- •Silver futures (March expiry) dropped nearly 17% to Rs 3,32,002 per kilogram, extending losses to 21% from recent highs.
- •The sell-off was driven by expectations of a hawkish US Federal Reserve leadership and the appointment of Kevin Warsh as Fed chief.
Why It Matters: Gold and silver prices experienced a dramatic sell-off, influenced by global markets and US Fed leadership changes.
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