In a first, MCX steals a march over NSE on silver, gold rally

Transient surge? Analysts believe that the bullion turnover could moderate, in line with returns, from the highs seen in 2025.

- Ram Sahgal & Apoorva Ajith

The rally in silver, and to a lesser extent gold, has, for the first time, pushed the average daily turnover (ADT) of futures contracts on Multi Commodity Exchange of India Ltd (MCX) above the average daily stock futures turnover of the National Stock Exchange of India Ltd (NSE), the country’s largest stock exchange, on a monthly basis.

Analysts, however, believe the bullion turnover could moderate, in line with returns, from the highs seen in 2025. Turnover rises due to changes in prices and higher volatility of the contracts traded.

As silver and gold surged by 31% and 8% each in December, the ADT of MCX futures contracts surged to ₹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.