Shares of Multi Commodity Exchange of India (MCX) fell over 5% in early trade on February 5, 2026, tracking a sharp selloff in global silver prices that rattled the broader commodities market. The decline came as international spot silver prices plunged nearly 15% in a single session, reflecting intense volatility and aggressive profit booking after a historic rally earlier this year.
In the international market, spot silver was trading in the range of approximately $75–77 per ounce, sharply lower from recent elevated levels. The sudden fall follows days of heightened turbulence in precious metals, with traders rushing to lock in gains amid fears that the recent rebound lacked sustainability.
The sharp correction marks a dramatic reversal for silver, which had witnessed an extraordinary surge in January 2026, scaling record highs above $120 per ounce. That rally was driven by a confluence of factors including strong safe-haven demand, rising industrial consumption from the solar and electronics sectors, escalating geopolitical tensions, and a weaker US dollar. However, as prices reached extreme levels, selling pressure intensified, triggering a swift and deep correction.
