As per Gold trader’s need MCX Commodity Exchange has made a new contract in Gold with keeping a lot size of 200 grams and named it “Gold Global”. Specialty of this Gold contract, the price of gold in International market will be running the same set by the Reserve Bank of dollars by changing commodity prices will be shown on the Rupee. The import premium, custom duties and other taxes such as sale tax will be excluded from it. Overall it is being considered better tool for hedging contract.
MCX Joint Managing Director PK Singhal said gold futures are trading in Futures on the exchange have already been proven as benchmark with its price and quality and a new product has been add up in Bullion basket on MCX Commodity exchange as “Gold Global”.
Before this product MCX was trading with a Gold contract with a lot size of 1 KG, A mini Gold contract with lot size of 100 grams, a Gold Guinea contract with lot size of 8 grams and a Gold Petal contract with lot size of 1 gram.
According to MCX Exchange Gold Global Contract will help to rein trading in Dabba Trading. As per MCX, Trading in Gold Global Contract will starts from today.
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