NCDEX's Gold futures contract unveils today; more transparency into gold pricing

Published on May 21, 2015 11:36:21 AM
Business

NCDEX, the country’s leading online commodity exchange will launch a gold futures contract today.

This will help to bring transparency and credibility with unbiased price benchmark in Indian market and will be used for arriving at the settlement price of the Gold futures contract.

Jewelers, consumers, banks, traders and gold refiners will get a scientific and rigorous assessment to derive the final wholesale price of the daily premium for gold prevailing in the physical market for the first time.

With this new launch NCDEX’s MD&CEO Samir Shah, wishes to bring clarity into the way of gold pricing in India and further extend the NCDEX bullion suite which includes SilverHedge and GoldHedge and manage price risk.

It is a deliverable gold contract with the final settlement price calculated by taking into account the international price of gold, currency exchange rate, polled Gold premium and taxes.