The exchange had initially asked members to take into account that trading would start at 9:30 am due to technical problems. Trading starts from DR. “Inconvenience is regretted,” the company said. In its third update within an hour, the Multi-Commodity Exchange (MCX) announced that the temporary trading halt would be extended, with operations now scheduled to begin at 10:30 a.m. on Tuesday, postponed from the previously communicated time of 10 a.m. As of 11:53 a.m., trading has not yet commenced.
While the exchange did not provide further details on the nature of the technical disruption, it confirmed that operations would resume from the Disaster Recovery (DR) location, a contingency infrastructure designed to ensure continuity of trading in the event of disruptions to the primary location.
This is not the first time MCX has faced such a problem. Earlier in July this year, a similar technical glitch led to a delayed market opening, with trading starting over an hour after the scheduled time of 9am.
In February last year, MCX also faced a major outage that led to a four-hour suspension of operations. It was believed that the issue was related to the transition to a new trading platform.
Precious metals were already under pressure ahead of the October 28 session, with December gold and silver futures ending sharply lower on October 27. The decline followed signs of easing trade tensions between the US and China, reducing safe-haven demand and pushing gold below the key $4,000 per oz mark. Investor sentiment cooled further amid expectations of an upcoming meeting between the presidents of the two countries to finalize a possible trade deal, weighing on the precious metal. However, early trading on October 28 saw a mild rebound in global gold prices, supported by a weaker US dollar and renewed expectations of additional interest rate cuts by the US Federal Reserve.
At around 12.03 pm, the company’s shares were trading at Rs 9,120, down 2% from the last closing price on the NSE. MCX stock is up nearly 50% in the past six months.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
#MCX #shares #fall #technical #issues #halt #trading