Gold price today, Feb. 1 -- Gold rate crashed 6% to hit its lower circuit on the MCX on Sunday morning, February 1, while MCX silver also plunged 6% as investors booked profits after a strong rally over the past year.

MCX gold April futures crashed by Rs.40,757, or 22.2%, to an intraday low of Rs.1,43,205 per 10 grams. MCX silver March futures plunged by Rs.125483, or 31.4%, to Rs.2,74,410 per kg.

Gold and silver prices are experiencing massive profit booking globally. According to Reuters, international gold prices were headed for their steepest daily fall since 1983 and silver was poised for its worst day on record.

There are three major factors behind the sharp decline in gold and silver prices: the CME margin hike, the dollar's str...