Shares of Multi Commodity Exchange (MCX) slipped as much as 4% to their day’s low of Rs 2,145 on the BSE on Monday, after gold and silver prices extended decline for a third day in a row. With today’s fall, the stock is down 20% in just three trading sessions.

On February 2, MCX Silver futures due March 5, 2026 were down Rs 10,000 or 3.7% Rs 2,55,652 per 10 grams. Meanwhile, Gold futures for April 2, 2026 delivery edged lower by Rs 4,252 or 3 to Rs 1,43,501 per kg.

Any sharp correction in gold and silver directly weighs on volume visibility and near-term earnings expectations, prompting selling pressure in the stock.

Market volatility has been fuelled by speculation over US monetary policy following the nomination of Kevin Warsh as the next Federal Reserve chair by US President Donald Trump, a development that has strengthened the dollar and weighed on precious metals.

While Warsh, a former Fed governor, is seen as an advocate of lower interest rates, he is also considered to be one of the less radical choices among the various names that have been raised and is perhaps more cautious on heavy monetary stimulus than others.

MCX Q3 snapshot

MCX reported a massive 151% year-on-year (YoY) jump in consolidated net profit, which rose to Rs 401 crore for the quarter ended December 31, 2026, from Rs 160 crore in the same period a year earlier.

The profit after tax (PAT) is attributable to the owners of the company.MCX also posted robust operational performance during Q3FY26, with revenue from operations surging 121% YoY to Rs 666 crore, compared to Rs 301 crore in Q3FY25.

On a sequential basis, the company’s bottom line rose 103% from Rs 197 crore in Q2FY26, while revenue also witnessed a 78% quarter-on-quarter increase from Rs 374 crore.

The company reported a 144% year-on-year rise in EBITDA, which stood at Rs 527 crore for the quarter under review, highlighting strong margin expansion and operational leverage.

The exchange also recorded significant growth in trading activity. The Average Daily Turnover (ADT) of futures and options increased 224% YoY, reaching Rs 7,50,136 crore in Q3FY26, up from Rs 2,31,821 crore in the same quarter last year.

The bullion segment’s share in ADT rose to 69% quarter-on-quarter, driven by the launch of new variants including Gold Mini and Gold Ten Futures.

Additionally, MCX launched monthly options contracts on the MCX iCOMDEX Bullion Index – MCX BULLDEX, covering both gold and silver, with effect from October 2025, further enhancing its product offerings in the bullion segment.

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