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. MCX shares have surged nearly 65% in the past six months to Rs.9,332 on Friday, outpacing the 26% rise in shares of BSE Ltd, which runs that Bombay Stock Exchange. National Stock Exchange Ltd is not listed.

MCX's rally mirrors the festive surge in bullions itself. Domestic ...