NCDEX launches gold and silver contracts
India's second largest commodity exchange, the National Commodity and Derivatives Exchange (NCDEX), added gold and silver futures contracts to its portfolio at the end of December 2008. According to the exchange, the contracts were launched in response to persistent market demand.
The contracts named Gold International and Silver International allow trading in lots of 1kg and 30kg respectively. The contracts will be physically settled on the basis of international prices in Rupees at Ahmedabad in Gujurat, India.
NCDEX has reported a healthy interest in its gold contract with volume registering122kg in a day. The new contracts are set to challenge India's largest commodity exchange, the Multi Commodity Exchange's (MCX) current monopoly of the country's metal bullion market
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