Gold, silver rates today live updates: Precious metals crash to hit lower circuit on MCX; silver drops 12%, gold down 9%

Gold silver prices have crashed and how! Prices of precious metals have fallen sharply as a combination of market and macroeconomic factors have triggered a bout of selling. The steep rally seen in recent weeks had left gold and silver vulnerable to profit booking, while heavy unwinding of long positions accelerated the drop. Additional pressure came from a strong dollar, which typically weighs on gold prices.Market sentiment was further unsettled by developments in the United States, particularly President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair. Warsh’s reputation as an inflation hawk has dampened expectations of near-term interest rate cuts, adding to investor caution.An easing of geopolitical tensions has also reduced safe-haven demand for precious metals. At the same time, traders are positioning themselves ahead of key US economic indicators due this week, including ISM Manufacturing, ISM Services and Non-Farm Payrolls. With the Federal Reserve having signaled a prolonged pause in rate cuts at its January 28 policy meeting, citing a stable labour market and resilient economic conditions, strong macro data could further validate the central bank’s stance.