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This Stock Outperformed Run-Up In Gold, Silver; Cyclical Rally To Continue

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Stock of MCX with increase in trading volume in precious metal has spurted in price by as much as 110% ever since the lockdown was first imposed from March 25. Stock continuing with the rally in gold prices again hit a new 52-week high price of Rs. 1823 per share on the BSE on August 4, 2020.

Just about a year back the stock hit a 52-week low price of Rs. 785.55 per share. And since the March low price of Rs. 850.75 has now scaled higher by over 110% taking into consideration the closing price of August 4, 2020 of Rs. 1799.05 on the NSE.

This Stock Outperformed Run-Up In Gold, Silver; Cyclical Rally To Continue
 

Given the uncertainty, gold prices will rally upwards and so shall will be the investment demand in the precious yellow metal. Also, given the condition the strong cyclical rally in MCX shall continue.

Also, as per a report, there has been a good recovery in ADTV on MCX from Rs. 15700 crore in April to Rs. 35000 crore in July.ADTVs for gold and silver for July increased 84% and 350%, respectively, from their April lows. But this is still lower when compared to ADTV in FY12 and FY14 when there was similar spurt in gold prices.

Also, there is seen to be a bigger contribution from crude which is low at present on account of high margin requirement of the SEBI.

GoodReturns.in

Read more about: share market mcx
Story first published: Tuesday, August 4, 2020, 17:14 [IST]
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