New Delhi, Oct. 18 -- As bullion prices sparkle and shoppers crowd showrooms, a quiet but sure rush is unfolding on trading screens this Dhanteras. The Multi Commodity Exchange of India (MCX) has become an unlikely festive favourite, mirroring gold and silver's rally as retail traders pour into bullion options and futures.

With volumes soaring and profit run-rates touching records, MCX is emerging as the equity-market proxy for India's obsession with precious metals.

Shares of MCX have risen 64.56% in the last six months closing at Rs.9,332 on Fridays well ahead compared to the 25.73% rise in shares of BSE Ltd, which runs that Bombay Stock Exchange. National Stock Exchange Ltd is not listed.

Domestic gold prices have risen nearly 10% m...