MCX shares plunge 15% in worst single-day fall since Covid as gold, silver, copper futures hit lower circuit

It registered the worst single-day decline since March 2020 in early trade on Sunday.

While it recovered from the day’s low, it was still trading in the red. The stock was at ₹2,232.60 per unit, down by 11.69% as of 10:18 am.

The scrip has declined 3% in the past week and more than 1% over the month.

While the stock hit a 52-week high of ₹2,705 on January 29, 2026, it reached a year’s low of ₹881.63 per unit on March 11, 2025.

Gold, silver, copper hit lower circuit on MCX

The stock tumbled sharply, as prices of commodities, including gold, silver and copper, crashed on the domestic futures market.

On the MCX, gold futures for February delivery tumbled to hit a lower circuit, falling 9% or by ₹13,468 to an intraday low of ₹1,36,185 per 10 grams. It had crashed 11.66% on Friday’s trading session.

Silver contracts for expiry in March were trading at their lower circuit, declining by ₹26,273 or 9% to the session’s low of ₹2,65,652 per kilogram on the MCX. It had fallen 27% on Friday.

Copper futures for delivery in February were trading at their lower circuit, down by 9% or ₹26,273 at ₹1,176.80 per kilogram. It tumbled 8.35% on Friday.

This decline in commodity prices comes amid profit booking, especially after the nomination of Kevin Warsh as the next US Federal Reserve chief.

This nomination has spooked the commodity markets, as investors view him as a hawkish policymaker who is likely to prioritise inflation control and maintain tighter monetary conditions.

Furthermore, as per news reports, the CME has announced a second margin hike in three days for all precious metals, with maintenance margins set to rise by 33% for gold futures, 36% for silver futures, 25% for platinum futures, and 14% for palladium futures, effective Monday, February 2, 2026.

MCX has a total market capitalisation of ₹56,967.73 crore, as of February 1, 2026, according to data on the NSE.