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MCX Gold Rate and Silver Price Crash: Domestic gold and silver futures plunged in Wednesday's evening session on commodity derivatives exchange MCX, as the market resumed trading following a special, one-hour session the previous day.

At around 6 pm, MCX gold futures (December 5) traded lower by Rs 7,210 -- or 5.6 per cent -- at Rs 1,21,061 and MCX silver futures (December 5) lower by Rs 5,493 -- or 3.7 per cent -- at Rs 1,44,834, mirroring losses in global rates.

In what may look like an immediate opportunity to many investors, gold tumbled by as much as Rs 7,696 -- or 6.0 per cent -- to Rs 1,20,575 while silver tanked by Rs 6,508 -- or 4.3 per cent -- to Rs 1,43,819.

At the current intraday lows, MCX gold futures have retreated by Rs 11,719 and silver futures by Rs 26,596 from their respective all-time high levels.

On US-based COMEX, gold and silver futures fell 2.1 per cent and 1.9 per cent to $4,021.2 and $46.8 per metric ounce, respectively.

On Tuesday, COMEX gold closed 5.7 per cent lower at $4,087.7 an ounce while silver dropped 7.2 per cent to settle at $47.5 an ounce.

For gold, that was the worst single-day percentage fall since June 2013.

Many analysts attribute the steep fall in gold and silver to profit-booking after weeks of record-breaking surges, with some believing that the long-term safety net appeal of both precious metals remains intact.

Here's a quick take on key reasons behind the current fall:

"Traders need to exercise caution in current market volatility due to profit-taking and the US-India trade deal probability, but long-term investors are certainly having an opportunity to accumulate in a staggered way in this market fall," Manoj Kumar Jain, director at Prithvi Finmart, told Zeebiz.com.

Longer-term fundamentals of gold and silver remain bullish, with the Russia-Ukraine war in progress, trade conflicts between the US and China, higher US trade tariffs, and the US government shutdown, he said.

Sandeep Singh is a journalist and digital editor with hands-on experience across business, markets, and policy reporting in some of India’s top newsrooms. Known for his calm pre