NCDEX’s GoldHedge garners 1,300 Kg Gold in first 2 days

INDIA January 21 2014 9:03 AM 

MUMBAI (Scrap Register): National Commodity & Derivatives Exchange’s new gold contract, GoldHedge, has garnered a volume of 1,300 kilo gram worth Rs 322.3 crore in the first two days of trading (January 16-17).

According to the NCDEX, GoldHedge aims to give a transparent and straightforward price benchmark of the yellow metal to the consumer.

During the first two days of trading, GoldHedge generated a volume 1,300 kg worth Rs 322.3 crore, while the open interest (OI) touched about 159 kg.

The first day saw the volume touching 669 kg worth Rs 165.8 crore, while the OI was 116 kg.

“Our product is the perfect solution to the distortion in prices created by fluctuating demand-supply conditions and takes forward the RBI's mission of finalisation of gold to reduce the burden of imports on the current account deficit," NCDEX Managing Director and CEO Samir Shah had said on the eve of contract's launch.