Gold, silver rally lifts this exchange stock over 70% in under five months — is it in your portfolio?

The record-breaking surge in gold and silver prices, continuing into early 2026, has not only heightened interest in metal stocks but also fueled a strong rally in shares of Multi Commodity Exchange (MCX), India’s leading commodity derivatives platform.

The one-sided rally in gold and silver prices has attracted more traders and investors to the market to hedge risks, speculate on price movements, or invest in precious metals. This, in turn, has boosted expectations of an improvement in the company’s revenue outlook.

Against this backdrop, brokerages have also lifted target multiples for the stock, helping the MCX share price remain higher for the fifth straight month in January.

In today's session, January 16, the MCX share price broke another record high of ₹2,499 apiece by rallying 3.4%, extending its winning run to a fourth straight session and pushing the month-to-date rally to 12%.

The recent surge has lifted the stock 71% from September, making it one of the top performers among capital market stocks. The shares have been trading on an ex-split basis in a ratio of 1:5 since January 02.

MCX share price extends its annual winning run to three

Although the company’s shares began 2025 on a tepid note, closing the first two months in the red, they picked up momentum in the subsequent months and went on to break record highs, eventually closing the year with a robust 79% return, marking its third consecutive annual winning run.

The strong rise in MCX shares has been driven by a significant increase in gold and silver trading volumes, with gold prices closing 2025 with a spike of 78% and silver prices gaining even more rapidly, up 170% on the platform.

Market experts believe that gold and silver are expected to emerge as major contributors to options premiums, and this trend is firmly on track and gaining strength.

MCX’s bullion contracts have scaled up rapidly following the shift to monthly expiry, gaining traction and helping diversify its revenue mix. Analysts at HDFC Securities expect bullion to contribute around 40% of total premium by Q4FY27E.

The brokerage expects bullion to contribute 40% of total premium by Q4FY27E, materially reducing the earlier concentration risk from crude oil and natural gas contracts, which previously accounted for 85% of the share.

Can the stock maintain its winning momentum?

Anshul Jain, Head of Research at Lakshmishree, said that MCX is printing its fifth consecutive up month, underscoring strong trend persistence and sustained momentum. Anshul Jain noted that the stock has already tested the earlier resistance objective near 2,500, yet the price structure shows no signs of exhaustion or climax behavior.

According to Anshul, higher timeframe momentum remains intact, with monthly and weekly trends firmly aligned and participation staying supportive. Anshul Jain added that the move continues to be orderly, suggesting continuation rather than a blow-off phase.

From a risk–reward perspective, he said that a trailing stop near 2,338 offers a clean reference to stay positioned while protecting gains. As long as the price holds above this level, momentum is likely to extend further.

"On continuation, the next logical upside projection sits near the 2,700 zone, where partial profit booking can be evaluated. Any decisive failure below the trailing stop would signal momentum fatigue and warrant caution," he further said.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.