The global metals market has recorded what is being described as the largest crash in its history, with precious metals plunging sharply in a single trading session and erasing trillions of dollars in market value, Azernews reports.

Gold prices fell by 13.6 per cent, dropping below $4,700 per ounce, wiping an estimated $6.3 trillion off the market. Silver saw an even steeper collapse, plunging by more than 35 per cent to below $74 per ounce, erasing around $2.6 trillion in value, a move that could mark the largest single-day decline in silver prices in nearly five decades.

Platinum prices dropped 27.25 per cent to below $2,100 per ounce, resulting in losses of approximately $215 billion, while palladium declined 21.5 per cent to under $1,700 per ounce, wiping out about $85 billion in market capitalisation.

Market analysts note that this is the first time such a synchronised and severe decline across all major precious metals has occurred within a single day. In total, more than $9 trillion has been erased from the precious metals market in just 36 hours, underscoring the scale of the shock.

The sell-off comes amid heightened volatility in global financial markets, with investors reassessing risk exposure as macroeconomic uncertainty, shifting interest-rate expectations, and geopolitical tensions continue to reshape capital flows.