Gold and silver prices plunged nearly nine per cent each on the Multi-Commodity Exchange on Sunday, marking one of the steepest two-day sell-offs in the history of precious metals. The sharp decline came on Budget day, when possible changes to import duties were being speculated. It left the market participants unsure whether the drop presents a buying opportunity or signals deeper trouble for India's jewellery trade.&nbsp;MCX gold tumbled Rs 13,711 to Rs 1,38,634 per 10 grams, while silver slid Rs 26,273 to Rs 2,65,652 per kg, steeper losses than the six per cent fall seen earlier in the session, as per the media reports.&nbsp;Silver had plunged up to 37 per cent intraday on Friday, while global spot gold sank 12 per cent. Gold’s fall was its worst single-day drop since the early 1980s, and silver recorded its sharpest decline on record.<h3>A wide gap down on MCX as trading resumes</h3>The deeper fall occurred after Indian equities closed for the weekend, prompting a wide gap down on MCX when trading started. In addition, ETFs experienced another round of resets in price after losing fifteen to twenty per cent on Friday. Meanwhile, MCX shares dip to nine per cent as exchange-linked volatility spreads across the market.&nbsp;The crash followed amid speculation by the bullion traders who are watching for a move on import duties on Budget Day. Currently, Gold and silver bars are taxed with about six per cent basic customs duty and three per cent GST, accounting for the total load to nearly nine per cent, marking a lower rate than earlier years when duty stood near fifteen per cent and had propelled large-scale smuggling.&nbsp;Speculation is now focused on whether the Finance Minister will reduce the duty from six per cent to four per cent. If implemented, the move could push domestic gold prices down by Rs 2,000–Rs 3,000 per 10 grams and lower silver prices by around Rs 6,000 per kilogram, assuming global prices stay stable.&nbsp;Also read: <a href="https://www.wionews.com/world/gold-slides-5-from-record-highs-as-china-halts-trading-in-silver-oil-funds-1769773710217">Gold tumbles 5%, extends record-high selloff; China suspends silver, oil fund trading</a>

MCX gold tumbled Rs 13,711 to Rs 1,38,634 per 10 grams, while silver slid Rs 26,273 to Rs 2,65,652 per kg, steeper losses than the six per cent fall seen earlier in the session. Silver had plunged up to 37 per cent intraday on Friday, while global spot gold sank 12 per cent. 

Gold and silver prices plunged nearly nine per cent each on the Multi-Commodity Exchange on Sunday, marking one of the steepest two-day sell-offs in the history of precious metals. The sharp decline came on Budget day, when possible changes to import duties were being speculated. It left the market participants unsure whether the drop presents a buying opportunity or signals deeper trouble for India's jewellery trade. MCX gold tumbled Rs 13,711 to Rs 1,38,634 per 10 grams, while silver slid Rs 26,273 to Rs 2,65,652 per kg, steeper losses than the six per cent fall seen earlier in the session, as per the media reports. Silver had plunged up to 37 per cent intraday on Friday, while global spot gold sank 12 per cent. Gold’s fall was its worst single-day drop since the early 1980s, and silver recorded its sharpest decline on record. A wide gap down on MCX as trading resumes The deeper fall occurred after Indian equities closed for the weekend, prompting a wide gap down on MCX when trading started. In addition, ETFs experienced another round of resets in price after losing fifteen to twenty per cent on Friday. Meanwhile, MCX shares dip to nine per cent as exchange-linked volatility spreads across the market. The crash followed amid speculation by the bullion traders who are watching for a move on import duties on Budget Day. Currently, Gold and silver bars are taxed with about six per cent basic customs duty and three per cent GST, accounting for the total load to nearly nine per cent, marking a lower rate than earlier years when duty stood near fifteen per cent and had propelled large-scale smuggling. Speculation is now focused on whether the Finance Minister will reduce the duty from six per cent to four per cent. If implemented, the move could push domestic gold prices down by Rs 2,000–Rs 3,000 per 10 grams and lower silver prices by around Rs 6,000 per kilogram, assuming global prices stay stable. Also read: Gold tumbles 5%, extends record-high selloff; China suspends silver, oil fund trading

MCX gold tumbled Rs 13,711 to Rs 1,38,634 per 10 grams, while silver slid Rs 26,273 to Rs 2,65,652 per kg, steeper losses than the six per cent fall seen earlier in the session. Silver had plunged up to 37 per cent intraday on Friday, while global spot gold sank 12 per cent.&nbsp;

Gold, Silver crash 9% on Budget Day in one of worst sell-offs ever

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Gold, Silver crash 9% on Budget Day in one of worst sell-offs ever