MCX to start 8 gm gold coin futures today
business-standard.com
The Multi Commodity Exchange of India (MCX), the country's largest commodity bourse, will be launching a futures contract in gold coins of 8 grams tomorrow, coinciding with Akshaya Tritiya, an auspicious day for buying gold.
The Gold Guinea contract will be initially available for delivery in July and August 2008. The contract will be the first of its kind in the country available for retail investors.
The coins will be benchmarked to prices in the Ahmedabad market (inclusive of import duty and excluding sales tax, value-added tax (VAT), octroi and other surcharges).
The daily price limit of the contract has been fixed at 3 per cent, while the initial margin has been pegged at 4 per cent.
MCX has appointed G4 Securitas to oversee the tamper-proof and smooth transaction of the contract. The exchange has designated New Delhi, Mumbai, Hyderabad, Bangalore, Chennai and Kolkata as delivery centres for the contract.
Pure gold coins will be supplied by the London Bullion Market Association-approved (LBMA) suppliers or other suppliers approved by the exchange.
The significance of Akshaya Tritiya has increased in the last two to three years, with investors lining up to buy the yellow metal. |
