900% surge & the meteoric rise for MCX not done yet

Meanwhile, the Economic Times daily newspaper is available online now.

Key points

• Top Trending Stocks: SBI Share Cost, Axis Bank Share Rate, HDFC Bank Share Cost, Infosys Share Rate, Wipro Share Cost, NTPC Share Rate.
• While rising more than 88% over the past year, the stock has gained around 10% in a month and 41% so far in 2026.
• Global brokerage UBS lately upgraded its rating on MCX shares to 'Purchase' from 'Neutral' and raised its target cost to Rs 3, 800 from Rs 3, 600.
• Power shift, a déjà vu: Air India could be new CEO's toughest flight yet.
• MCX shares jumped over 4% as gold, silver and copper futures rose after a US Treasury liquidity backing announcement.

MCX shares jump 4% as gold, silver futures rise. What lies ahead after a 900% rally in 3 years? ETMarkets.comLast Updated: Aug 20, 2026, 02: 05: 00 PM IST.

MCX shares jumped over 4% as gold, silver and copper futures rose after a US Treasury liquidity backing announcement. The stock has delivered stellar returns of around 900% in three years. While HDFC Securities retained its 'Purchase' rating, citing regulatory easing and solid expansion potential, UBS upgraded MCX to 'Purchase' and raised its target to Rs 3, 800.

In practice, the shares of Multi Commodity Exchange of India (MCX) jumped more than 4% on Thursday as gold, silver and copper futures rose after a surprise liquidity backing announcement by the US Treasury. MCX shares surged to Rs 3, 103.70 apiece on Thursday. While rising more than 88% over the past year, the stock has gained around 10% in a month and 41% so far in 2026. 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. While February contracts traded above Rs 1.62 lakh per 10 grams, gold's December contracts climbed above Rs 1.60 lakh per 10 grams. Silver and copper futures additionally traded higher. For context, the rally came as US Treasury yields fell after 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. Muthoot Finance, Manappuram, other gold financier stocks jump up to 4% as gold rates rise above Rs 1.58 lakh/10 grams Live Events.

What lies ahead for MCX shares?

Global brokerage UBS lately upgraded its rating on MCX shares to 'Purchase' from 'Neutral' and raised its target cost to Rs 3, 800 from Rs 3, 600. After a sharp correction, UBS believes the stock now trades at an attractive valuation. According to the international brokerage, key regulatory developments could serve as significant medium-term expansion 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 projected to structurally deepen the commodity market. Meanwhile, continued volatility in key commodities, driven by geopolitical tensions in the Middle East, is projected to backing near-term trading volumes. HDFC Securities additionally lately reaffirmed its 'Purchase' 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 expansion, with a potential 20-25% rise in options premium. It additionally sees significant structural headroom for volume expansion, given that commodity derivatives remain a small share of overall equity-market trading. Regulatory tailwinds to boost expansion for MCX, states HDFC Securities, retains Purchase (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times).

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Taken together, the developments around 900% surge & the meteoric rise for MCX not done yet point to a situation that is still moving, and the coming days should bring more clarity.