Market Basics
MCX (Multi Commodity Exchange)
MCX is the Multi Commodity Exchange of India, the country's main commodity-derivatives exchange. It hosts the rupee-denominated gold and silver futures that Indian bullion traders most commonly use.
The Multi Commodity Exchange (MCX) is India's leading commodity-derivatives exchange, where futures and options on metals, energy, and other commodities trade. For bullion, MCX gold and silver contracts are the primary domestic instruments, quoted in rupees per 10 grams for gold and per kilogram for silver.
For an Indian trader, MCX is the home market. Its prices reflect global moves filtered through the rupee exchange rate, customs duty, and local demand, which is why MCX prices are compared against global benchmarks like COMEX to judge whether local metal is rich or cheap.
Because MCX is import-influenced, its prices respond to USDINR, duty changes, and seasonal demand on top of global gold direction. Understanding MCX contract specifications, units, and expiries is foundational for reading Indian bullion markets.
Put it to work
Educational reference only. Definitions describe how traders use these concepts and are not investment advice or a recommendation to trade.