Hindustan Zinc, NALCO, Titan, Hindustan Copper shares fall up to 19% as MCX Gold, Silver and Copper prices crash

MCX Gold and Silver saw a substantial fall last week amid multiple headwinds in global markets. MCX Gold February futures tumbled 11.6% on Friday and are down 6% on Sunday morning to trade around ₹1,40,674 per 10 gram.

Meanwhile, MCX Silver March future declined 27% on last Friday and is down another 6% on Sunday morning to trade around ₹2,74,410 per kg ahead of Budget 2026.

The steep fall in precious metals comes amid profit booking, especially after the nomination of Kevin Warsh as the next US Federal Reserve chief, which spooked commodity markets, as investors viewed him as a hawkish policymaker likely to prioritise inflation control and maintain tighter monetary conditions.

Domestic gold and silver-focused stocks are likely to be in focus today amid a substantial crash in precious metal prices in the last two trading sessions.

Shares of Hindustan Zinc, Hindustan Copper and National Aluminium Company declined between 9% and 13% on Sunday, early morning trades ahead of Budget 2026 on February 1, 2026.

Meanwhile, the NIFTY Metal index is down over 3.7%, witnessing the steep decline for the second straight day. 13 out of the 15 constituents of the NIFTY Metal index are trading in red, with Hindustan Copper falling 19% intraday on Sunday's special trading session conducted due to Budget 2026.

Prominent Metal, Gold and Silver stocks fall

Metal stocks generally decline whenever there is a steep fall in the MCX base metal prices, as earnings of companies like Hindustan Zinc, Vedanta, Hindalco, Hindustan Copper and others are closely linked to metal prices.

A fall in base metals like zinc, copper and silver leads to lower price realisations for metal producers, directly impacting the revenue and profit expectations. Besides this consistent fall in metal prices on MCX and international markets indicates weak demand from key sectors such as construction, infrastructure and manufacturing.