MCX shares jump 4% as gold, silver futures rise. What lies ahead after a 900% rally in 3 years?

The shares of Multi Commodity Exchange of India (MCX) jumped more than 4% on Thursday as gold, silver and copper futures rose following a surprise liquidity support announcement by the US Treasury.

MCX shares surged to Rs 3,103.70 apiece on Thursday. The stock has gained around 10% in a month and 41% so far in 2026, while rising more than 88% over the past year. Over the longer term, MCX shares have delivered stellar returns of around 900% in three years and 940% in five years.

Thursday’s sharp surge came as metal futures climbed on the domestic commodities exchange. Gold futures for October delivery on MCX rose above Rs 1.58 lakh per 10 grams. Gold’s December contracts climbed above Rs 1.60 lakh per 10 grams, while February contracts traded above Rs 1.62 lakh per 10 grams. Silver and copper futures also traded higher.


The rally came as US Treasury yields fell following the Treasury Department’s announcement that it would double the size of its liquidity-support buyback operations for longer-dated notes and bonds. Meanwhile, the US dollar remained muted, making dollar-priced metals cheaper for buyers holding other currencies.

Also read | Muthoot Finance, Manappuram, other gold financier stocks jump up to 4% as gold prices rise above Rs 1.58 lakh/10 grams

What lies ahead for MCX shares?

Global brokerage UBS recently upgraded its rating on MCX shares to ‘Buy’ from ‘Neutral’ and raised its target price to Rs 3,800 from Rs 3,600. Following a sharp correction, UBS believes the stock now trades at an attractive valuation.

According to the international brokerage, key regulatory developments could serve as important medium-term growth catalysts for the exchange. Sebi’s recent consultation paper proposing Foreign Portfolio Investment (FPI) participation in physically settled non-agricultural commodity derivatives and index derivatives is expected to structurally deepen the commodity market. Meanwhile, continued volatility in key commodities, driven by geopolitical tensions in the Middle East, is expected to support near-term trading volumes.

HDFC Securities also recently reaffirmed its ‘Buy’ rating on MCX shares, saying regulatory easing could expand the participant base, broaden product offerings and lower margin requirements.

The domestic brokerage expects FPI participation in deliverable contracts, along with new bullion and metals index options, to drive the next leg of growth, with a potential 20-25% increase in options premium. It also sees significant structural headroom for volume growth, given that commodity derivatives remain a small share of overall equity-market trading.

Also read | Regulatory tailwinds to boost growth for MCX, says HDFC Securities, retains Buy

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)