Multi Commodity Exchange of India(MCX) today said it has launched one gram gold futures contract -'Gold Petal'.
Currently, Gold Petal May and June, 2011 contracts have been offered for trading, a MCX release said here.
"Gold is considered as an investment option and has now become a part of portfolio of many investors and hedge funds. Availability of Gold Petal, which can act as an SIP product, will attract the retail participants,"MCX Managing Director and CEO Lamon Rutten said.
The trading unit of the gold contract is one gram and price quote for the contract is ex-Mumbai (which is inclusive of all taxes and levies relating to import duty, customs duty but excludes sales tax or VAT, any other additional tax or surcharge on sales tax, local taxes and octroi).
The delivery of contract is possible in dematerialised or physical form. The physical delivery would be available in multiples of eight grams coins with London Bullion Manufacturers Association (LBMA) certified 999 purity, the release said.
The delivery centres is G4 Securitas at Mumbai and other centres are at New Delhi, Ahmedabad, Hyderabad, Chennai,Bangalore and Kolkata.
Apart from Gold Petal, the other gold contracts that the exchange offers are Gold (1 Kg), Gold Mini (100 grams) andGold Guinea (8 grams).
wat was the profit per point
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