MCX launches India's first gold options contract

MCX launches Gold options trade on Dhanteras

Globally, gold fell 0.45 per cent to trade at Dollars 1,288.70 an ounce in Singapore, while silver shed 0.64 per cent to USD 17.09 an ounce.

Earlier in the day, the Multi Commodity Exchange of India Ltd. (MCX) launched India's first gold options contract on the occasion of Dhanteras. The fresh weakness in gold price overseas weighed on gold futures. According to reports, MCX will approach the regulator Sebi (Securities and Exchange Board of India) for seeking permission for trading in other commodities like cotton, crude palm oil, silver and copper.

The yellow metal witnessed some token buying though failed to take off on Dhanteras, a day considered auspicious for buying gold, silver and other valuables and is largely celebrated in North and West India.

"Gold Option contract, with Gold (1 Kg) futures as underlying, expiring on November 28, 2017, and January 29, 2018, are made available for trading from today", the exchange said in a statement.

Emphasising that the government is taking efforts to formalise gold trade, Jaitley said, "I am sure more it formalises, better it is for consumers, jewellers and those trading in this. That's in consonance with the business environment for future that we see for us", Jaitley added.

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Options give buyers the right to buy or sell an underlying asset at a specified price at the expiry and the risk is limited only to the premium paid to the seller of the option, the exchange said.

Saurabh Chandra, Chairman, MCX said, "The launch denotes one of the most significant reform measures since modern commodity derivatives trading started 14 years ago". Call is the right to buy and put is the right to sell.

The investor benefits if the expectation of price movements comes true.

PK Singhal MCX whole-time director said, "We are hoping for good response from this trading options".

In futures trading at the MCX, gold for delivery in December too was down by Rs 104, or 0.35 per cent at Rs 29,750 per ten gram.

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