📰 MCX Glitch Halts Gold & Silver Futures Trading: SEBI Seeks Report, Traders Left Stranded

A Shocking Halt in Commodity Trading

On Tuesday morning, India’s largest commodity exchange—the Multi Commodity Exchange (MCX)—faced a major MCX glitch that completely halted trading in gold and silver futures.

Thousands of traders found themselves unable to square off or create new positions, with prices frozen since the last session. The issue, reportedly caused by a TCS software malfunction, triggered widespread concern and regulatory scrutiny from SEBI.

⚙️ MCX Glitch: What Exactly Happened?

Trading was scheduled to begin at 9:00 AM, but by 10:40 AM, the market had yet to open. The last closing price for silver remained stuck at ₹1,44,346, and gold hovered around ₹1,21,000.

MCX initially said the issue was being worked on and trading would resume from its Disaster Recovery (DR) site. However, operations could not restart there either — a rare and worrying sign.

“Trading is delayed due to a technical issue. It will restart from the disaster recovery site. The time of commencement will be informed to market participants,” MCX stated on its official portal.

Despite this statement, no fresh start time was provided, adding to market anxiety.

🕒 Timeline of the MCX Glitch Events

This sequence mirrors earlier MCX glitches, but what makes this one alarming is the failure of both the primary and backup systems.

⚠️ Traders Frustrated: “No Way to Cut or Close Positions”

According to market commentator Ankur Upadhyay, the MCX glitch has left retail and institutional traders completely stuck.

“The DR site was designed to handle such emergencies, but it has failed too. Traders can’t close or adjust positions. This is one of the most severe outages we’ve seen recently,” he noted.

Traders argue that while technology issues are understandable, some mechanism for relief or compensation must exist. At the moment, the losses—if any—are borne entirely by them.

💹 MCX Gold & Silver: Market Expectations Post-Reopening

While MCX remains down, analysts have provided possible opening scenarios based on COMEX (international) movements.

🪙 Silver Outlook (Comex & MCX)

• Comex Silver currently trades near $46.70, showing mild profit-booking.
• Resistance: $47.00 — a breakout could lead to $47,500–$48,000.
• Support: $46.00 — a breakdown may trigger a bearish slide.
• Expected MCX Opening: Around ₹1,42,000–₹1,41,500.
• Key Intraday Support: ₹141,000.

🥇 Gold Outlook (Comex & MCX)

• Comex Gold (XUSD) consolidates around $3,980, with resistance near $4,000.
• Sell Below: $3,970 for targets of $3,960–$3,900.
• Buy Above: $4,000 only after hourly confirmation.
• Expected MCX Opening: Around ₹1,20,500–₹1,21,000.
• Resistance: ₹1,22,500; Support: ₹1,20,000.

🌍 Global Factors Behind the MCX Glitch Impact

The volatility in precious metals is also being fueled by multiple global events:

• Rising tensions in the Russia–Ukraine and Israel–Hamas conflicts.
• Updates from the Asian Summit, where U.S. President Trump announced new peace agreements and rare mineral trade deals.
• The ongoing U.S. government shutdown, delaying key economic data.
• Speculation over Federal Reserve leadership changes, adding uncertainty.

These developments are likely to keep gold and silver highly volatile in the short term, especially after the MCX glitch resolution.

🧠 Expert Advice: Stay Calm & Wait for Clarity

Prosper V Research’s Yash advises traders not to panic and wait for official updates:

“Avoid blind trades when systems are unstable. Always analyze your positions or consult a financial advisor before taking action. Technical issues are temporary, but impulsive trades can cause lasting damage.”

MCX has assured that all updates regarding reopening will be shared with market participants and brokers as soon as the issue is resolved.

🧾 Conclusion: A Wake-Up Call for Market Infrastructure

The MCX glitch serves as a strong reminder of the risks of digital dependency in financial markets. While occasional failures are inevitable, the inability of even the disaster recovery setup to handle the crisis highlights serious gaps in preparedness.

As SEBI investigates, the hope is that robust contingency mechanisms will soon be implemented to protect trader interests and ensure smoother operations in the future.

⚙️ What Exactly Happened in the MCX Glitch?

The MCX glitch disrupted thousands of trades across commodities, causing widespread confusion.Trading was scheduled to begin at 9:00 AM, but by 10:40 AM, the market had yet to open. The last closing price for silver remained stuck at ₹1,44,346, and gold hovered around ₹1,21,000.

MCX initially said the issue was being worked on and trading would resume from its Disaster Recovery (DR) site. However, operations could not restart there either—a rare and worrying sign.

“Trading is delayed due to a technical issue. It will restart from the disaster recovery site. The time of commencement will be informed to market participants,” MCX stated on its official portal.

Despite this statement, no fresh start time was provided, adding to market anxiety.

🕒 MCX Glitch Timeline of Events

The following timeline shows how the MCX glitch unfolded minute by minute.

This sequence mirrors earlier glitches seen on MCX, but what makes this one alarming is the failure of both primary and backup systems.

⚠️ Traders Frustrated During the MCX Glitch

According to market commentator Ankur Upadhyay, the glitch has left retail and institutional traders completely stuck.

“The DR site was designed to handle such emergencies, but it has failed too. Traders can’t close or adjust positions. This is one of the most severe outages we’ve seen recently,” he noted.

Traders argue that while technology issues are understandable, some mechanism for relief or compensation must exist. At the moment, the losses—if any—are borne entirely by them.As the MCX glitch continued for hours, traders expressed growing frustration over the lack of communication.

💹 MCX Gold & Silver: Market Expectations Post-Reopening

While MCX remains down, analysts have provided possible opening scenarios based on COMEX (international) movements:

🪙 Silver Outlook (Comex & MCX)

• Comex Silver currently trades near $46.70, showing mild profit-booking.
• Resistance: $47.00—a breakout could lead to $47,500–$48,000.
• Support: $46.00—a breakdown may trigger a bearish slide.
• Expected MCX Opening: Around ₹1,42,000–₹1,41,500.
• Key Intraday Support: ₹141,000.

🥇 Gold Outlook (Comex & MCX)

• Comex Gold (XUSD) consolidates around $3,980, with resistance near $4,000.
• Sell Below: $3,970 for targets of $3,960–$3,900.
• Buy Above: $4,000 only after hourly confirmation.
• Expected MCX Opening: Around ₹1,20,500–₹1,21,000.
• Resistance: ₹1,22,500; Support: ₹1,20,000.

🌍 Global Geopolitical & Economic Factors Affecting Bullion

The volatility in precious metals is also being fueled by multiple global events:

• Rising tensions in the Russia–Ukraine and Israel–Hamas conflicts.
• Updates from the Asian Summit, where U.S. President Trump announced new peace agreements and rare mineral trade deals.
• Continued U.S. government shutdown, delaying release of key economic data.
• Speculation over changes in Federal Reserve leadership is adding to investor uncertainty.

These global developments are likely to keep gold and silver highly volatile in the short term.

🧠 Expert Advice: Stay Calm & Wait for Clarity

Prosper V Research’s Yash advises traders not to panic and wait for official updates:

“Avoid blind trades when systems are unstable. Always analyze your positions or consult a financial advisor before taking action. Technical issues are temporary, but impulsive trades can cause lasting damage.”

MCX has assured that all updates regarding reopening will be shared with market participants and brokers as soon as the issue is resolved.The MCX glitch highlights the urgent need for better system resilience and stronger failover mechanisms.

🧾 Conclusion: A Wake-Up Call for Market Infrastructure

The MCX glitch serves as a reminder of the risks of digital dependency in financial markets. While occasional technical failures are inevitable, the inability of even the disaster recovery setup to handle the crisis highlights serious gaps in preparedness.

As SEBI investigates, the hope is that robust contingency mechanisms will soon be implemented to protect trader interests and ensure smoother operations in the future.

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