Gold, silver price crash: Amid the massive slump in gold and silver rates on Sunday, February 1, a steeper decline was visible in gold and silver exchange-traded funds (ETFs) of up to 20% as the Indian stock and commodity markets opened for a special trading session on Budget 2026.
Gold prices crashed 9% in intraday trading on Sunday as MCX opened for the morning session on account of the Budget. The yellow metal traded at ₹136,185 per 10 grams. Silver rate today also tanked 9% to ₹265,652.
Analysts said the selloff in the precious metals was driven by a rebound in the dollar. Additionally, CME Group is raising margins on Comex gold and silver futures, pressuring international prices, which rubbed off on the metal rates back home.