Metals meltdown: Gold, silver and Copper hit lower circuit on MCX; Bitcoin crashes sharply

Gold and silver tumbled on MCX on Sunday, the special trading session ahead of the Union Budget 2026. Both the precious metals were locked in the lower circuit of 9 per cent. The global meltdown in the global market is relaying their impact in the Indian markets.

Silver prices on MCX cracked as much as 9 per cent, hitting the third circuit for the day, to Rs 2,65,652 on Sunday. Silver prices crashed more than Rs 26,000 on in the intraday. Silver prices have cracked 37 per cent or Rs 1,55,000 from its all-time high around Rs 4,20,000 on MCX with less than 48 hours.

Similarly, Gold futures were also down nearly 9 per cent to Rs 1.37 lakh per 10 grams. Gold prices have tumbled Rs 45,000-50,000  from its peak. Falling in tandem, Copper prices on MCX were also seen cracking of 8 per cent, while zinc was down 4 per cent.

Global commodities were hammered hard with the severe pain of profit investors viewed President Donald Trump's nomination of former Federal Reserve Governor Kevin Warsh as a hawkish choice to succeed Federal Reserve Chair ​Jerome Powell, while also digesting earnings reports and a high inflation reading.

Market experts believe that profit booking after a secular rally in the global markets, coupled with firm US dollar weighed on the previous sentiments. The rout in the global markets has wiped out Rs 63 lakh crore from the precious metal markets. Gold's fall has been steepest fall in more than four-decades. The selloff also pressured ​other precious metals.

On the other hand, Bitcoin, the world's largest cryptocurrency by market value, continued its decline to barely hold $77,000 mark, falling more than 8 per cent in the last 24-hours. Investors and ‌traders are concerned he might tighten up on cash in the ​financial system. Warsh has called for regime change at the central bank and wants a smaller Fed balance sheet.