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livemint.com / 4 months ago
livemint.com / 4 months ago
livemint.com / 4 months ago
livemint.com / 4 months ago
In a first, MCX steals a march over NSE on silver, gold rally
₹93,929 crore. This surpassed NSE stock futures contracts' ADT of ₹72,515 crore, showed data from MCX and NSE.Interestingly, silver outshone gold at ₹41,370 crore ADT, contributing 44% to the overall MCX ADT, while gold at ₹32,426 crore accounted for 35% of the overall ADT.Even on a standalone basis, bullion futures ADT at ₹73,796 crore exceeded that of NSE stock futures turnover in December.A shortage in silver supply—expected at 800 million ounces against the demand of an estimated 1-1.2 billion ounces in 2026—and haven demand for gold amid US tariff-induced global economic uncertainty and geopolitical tensions drove the active MCX gold and silver futures' average price up 47% each year-on-year in the fiscal year through December (April-December, FY26).The average price of gold active futures jumped to ₹1.08 lakh per 10 gramme while that of silver active futures surged to ₹1.29 lakh per kilogramme, according to Bloomberg.
Active futures are those where trading interest is the highest.As a consequence, the MCX share surged to a 52-week high of ₹2,278 apiece on Friday, up a staggering 158% from its 52-week low of ₹881.63 on 11 March 2025.However, the exuberance seen in December is unlikely to continue, according to experts. “The Street is currently not discounting the continuation of the December run rate in terms of ADT and its impact on the bourse's revenues,” said Amit Chandra, vice-president (research), HDFC Securities.Street estimates for MCX futures' ADT stand at ₹56,500 crore for 2026-27, from an estimated ₹51,500 crore for 2025-26, according to Chandra.“The implication of this is twofold.
One is that the turnover of bullion could moderate. Secondly, even if the turnover reduced 30% from the December run rate, the
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