MCX witness record delivery in Gold Guinea Aug 08 contract

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Mumbai, Sep 16 (UNI) Multi Commodity Exchange Limited (MCX), India's leading commodity exchange recorded the highest delivery of 8,900 coins (approximately 71.20 kgs valued at Rs 8.66 crore) in the Gold Guinea August 08 contract.

The previous high of 3,118 coins was witnessed for the July 08 contract, MCX said in a release here today.

The settlement price on expiry of the contract was Rs 9,738 per eight gm, including the making charges of Rs 200 per 10 gm, being charged from the buyer as against a premium of upto Rs 1,400 per eight gm in physical gold as charged by other options available. The participants were benefited from nil vaulting/storage charges.

On the expiry date the open interest was of 8,918 coins out of which 8,900 coins resulted into delivery showing conversion rate above 99.9 per cent. The delivery demonstrates the transparent pricing and assurance on purity of the coins by the exchange.

''The record delivery in Gold Guinea undergoes the efficacy and transparency of the complete trading, settlement and delivery process at MCX. MCX Gold Guinea contracts are a bonanza for retail investors looking forward to the coming festive season,'' an MCX spokesperson said in the release.

Retail participation in the contract is on the increasing trend, which is discovered by data that national brokers across India took delivery on behalf of their multiple clients, each delivery ranging from one to 10 coins.

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