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Shares of Multi-Commodity Exchange (MCX) surged 8.5% to a record high of Rs 7,048.60 on December 6, driven by heavy trading volumes exceeding seven lakh shares. The stock has delivered approximately 120% returns this year, following a net profit of Rs 153.6 crore for the September quarter, a significant recovery from a loss of Rs 19.1 crore a year earlier. Revenue from operations rose 73% to Rs 285.6 crore, with an EBITDA margin of 62.8% in Q2.
The commodities market showed mixed results last week, with crude oil prices dropping 3.6% amid fears of a global economic slowdown and easing geopolitical tensions. Aluminium fell 2.1% due to weak demand from China, while gold declined 1.6% but rebounded on lower US bond yields, maintaining a bullish outlook with potential prices rising to Rs 77,000 per 10 grams.
Gold prices fell sharply for the second consecutive session, dropping Rs 1,250 to Rs 78,150 per 10 grams, influenced by a strengthening dollar and reduced geopolitical tensions. Silver also declined, down Rs 1,100 to Rs 90,600 per kg. Analysts noted that market volatility is expected as participants assess ongoing global developments.
Gold prices have surged past Rs 80,000 per 10 grams in major Indian cities, rebounding from the impact of Donald Trump's anticipated high tariff trade policy and a strong US dollar. Geopolitical tensions from the Russia-Ukraine conflict and uncertainty in the US economy are driving demand for the safe-haven asset, despite headwinds from the Federal Reserve's cautious stance and market volatility. On the Multi Commodity Exchange, gold prices previously fell to Rs 73,000 per 10 grams following Trump's election, reflecting concerns over potential trade restrictions.
Gold prices stood at Rs 79,181 on October 31, reflecting a decline of 0.23%. However, year-over-year, prices have surged by 30.09%. The current rate is below the peak of Rs 79,362 reached on October 30, 2024.
On October 30, 2024, gold prices rose by 1.11% to close at Rs 79,362, marking a new peak. Year-over-year, prices have surged by 30.58%, although the second quarter of 2024 saw a 6% decline in demand from the jewellery sector. The current rates for 24-carat and 22-carat gold in Mumbai are Rs 79,070 and Rs 75,300, respectively.
Gold prices fell by 0.48% on October 25, 2024, with 24-carat gold trading at Rs 77,622, down from Rs 78,387 on October 23. The price for 24-carat gold in Mumbai was Rs 77,540, while 22-carat gold was at Rs 73,850. Despite the drop, gold remains 23.01% higher than at the start of the year and 28.03% higher compared to the previous year.
Gold prices fell by 0.5% to Rs 77,997 on October 24, 2024, according to MCX data. The price of 24-carat gold in Mumbai was Rs 76,490, while 22-carat gold was priced at Rs 72,850. Despite the decline, gold remains 23.60% higher than at the start of the year and 28.36% up from the previous year.
Motilal Oswal has reiterated a BUY rating for MCX, setting a one-year target price of INR 7,600, based on a strong performance in 2QFY25. The company reported a 73% YoY increase in operating revenue to INR 2.9 billion, driven by a 114% surge in volumes, with significant growth in both futures and options trading. PAT reached INR 1.5 billion, a notable recovery from a loss in the previous year, prompting a 10% and 11% increase in FY25/26 EPS estimates.
Gold prices reached a peak of Rs 78,387 on October 23, 2024, marking a 0.61% increase according to MCX data. The price for 24-carat gold in Mumbai was Rs 78,020, while 22-carat gold was priced at Rs 74,300. Year-over-year, gold prices have surged by 29.97%.
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