NCDEX, the leading commodity exchange, has launched Gold Futures Contract that will provide a transparent and credible price benchmark to the Indian consumer. For the first time, consumers, jewellers, traders, banks, and gold refiners will get a scientific and rigorous assessment of the daily premium for gold prevailing in the physical market to derive the final wholesale price.
To make it possible, NCDEX has introduced an independent gold premium polling mechanism that will give the Indian market an unbiased price benchmark for the first time. The Gold premium benchmark will be used for arriving at the settlement price of the Gold futures contract. This contract will be available for trade from May 21, 2015.
The new contract will improve price discovery and further extend the NCDEX bullion suite, that includes GoldHedge and SilverHedge, to meet the growing industry demand to effectively manage their price risk.