MCX hit by tech glitch once again, trading in gold and silver futures delayed
The Multi Commodity Exchange (MCX) issued its fourth update on Tuesday morning, informing market participants that the commencement of trading remains delayed due to a technical issue.
The exchange said trading will begin from its Disaster Recovery (DR) site, but did not specify a revised start time. It added that the new commencement time would be communicated to participants in due course.
“Update as of 10:20 AM – The commencement of trading is delayed due to a technical issue. Trading will start from the DR site. The time of commencement of trading will be informed to market participants. Inconvenience is regretted,” MCX stated on its official portal.
In earlier updates, the exchange had informed users that trading would start at 9:30 AM, later revising it to 10:00 AM, and then to 10:30 AM.
Low brokerage stockbroking platform Zerodha, in an early post on social media platform X, had stated that the exact time for trading resumption on MCX has not yet been confirmed.
“There is a further delay in MCX opening. The revised time is not yet confirmed. We’ll share an update once it’s available,” Zerodha said in its post.
While the exchange did not elaborate on the nature of the glitch, it confirmed that operations would resume from its Disaster Recovery (DR) site — a backup infrastructure designed to ensure business continuity in the event of disruptions at the primary site.
This isn’t the first time MCX has faced such an issue. Earlier in July this year, a similar technical glitch led to a delayed market opening, with trading commencing more than an hour after the scheduled time of 9:00 AM.
At that time, MCX had issued multiple notices through the morning, indicating a phased resumption — first stating that trading would resume by 9:45 AM, then revising it to 10:10 AM, before finally beginning operations at 10:17 AM.
In February last year, MCX had also faced a major glitch that led to a four-hour suspension of operations. The issue was believed to be linked to its transition to a new trading platform.
On Monday, gold and silver settled lower in both domestic and international markets. The December gold futures contract closed at Rs 1,20,957 per 10 grams, down 2.02%, while December silver futures fell 2.78% to Rs 1,43,367 per kilogram.
The weakness in precious metals followed easing trade tensions between the U.S. and China, which dampened safe-haven demand. An upcoming meeting between the U.S. and Chinese presidents, expected to finalize a trade agreement, further reduced investor appetite for gold and silver.
However, global gold prices recovered slightly on Tuesday, rising above the $4,000-per-ounce mark as a weaker dollar and expectations of further U.S. Federal Reserve rate cuts offset pressure from improving trade sentiment.
Spot gold gained 0.7% to $4,009.39 per ounce as of 0141 GMT, after slumping over 3% on Monday to its lowest level since October 10. U.S. gold futures for December delivery edged up 0.1% to $4,022.10 per ounce.
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