Gold, Silver prices crash after CME margin hike, heavy profit-booking spooks markets

Gold and silver prices witnessed a sharp sell-off on Friday, January 30, 2026 , across global commodity markets, including MCX and COMEX , after higher margin requirements imposed by the CME Group and aggressive profit-booking by investors triggered intense selling pressure.

According to a Mint report, the Chicago Mercantile Exchange (CME) Group raised margin requirements on gold contracts from 6 per cent to 8 per cent and on silver contracts from 11 per cent to 15 per cent, effective Monday, February 2, 2026. The move prompted traders, particularly leveraged participants, to cut positions, leading to a steep decline in precious metal prices worldwide.

Market experts said the margin hike acted as an immediate trigger, while widespread profit-booking after the recent rally significantly intensified the crash. As prices began to slide, stop-loss orders were triggered across exchanges , further accelerating losses in gold and silver futures.

On the Multi Commodity Exchange (MCX) , gold futures plunged sharply to close at ₹149,075 per 10 grams , down ₹20,328, or about 12 per cent , from the previous close of ₹169,403 per 10 grams , official data showed. Silver futures recorded an even steeper fall , crashing nearly 27 per cent in a single session . Prices settled at ₹291,922 per kg , compared with ₹399,893 per kg in the previous session, wiping out more than ₹1 lakh per kg in value.

Both MCX and COMEX gold and silver contracts posted heavy losses, with domestic physical prices across Indian cities also reflecting the sharp correction in global markets.

Experts cautioned that uncertainty continues to loom over the near-term outlook for precious metals, with prices struggling to regain key technical levels. Amit Goel, Chief Global Strategist at Pace 360, said gold may have already peaked if it fails to recover crucial resistance. “If Comex gold fails to regain the $4,900-per-ounce level on Monday, we can assume the precious metal has topped out. After that, prices may decline towards $3,800 per ounce by the end of October 2026. The fall may not be one-directional, with intermittent dead-cat bounces at lower levels,” he said.