Business

India INX To Launch Gold, Silver Futures Contracts In Dollars On Monday

Gold Quanto futures and Silver Quanto futures contracts will be settled in cash in US dollars.

India International Exchange, a subsidiary of the BSE, will launch Gold Quanto and Silver Quanto futures on August 31, i.e. Monday. The Gold Quanto futures will have Indian Gold spot purity 995 as the underlying and Silver Quanto futures will have Indian Silver spot purity 999 as the underlying, and both the contracts will be settled in cash in US dollars.

V Balasubramaniam, Managing Director, India INX, expressed confidence that the newly launched bullion futures contracts will attract market participants looking for foreign commodity exposure minus exchange rate risks.

“Trading in these Quanto futures contracts at India INX will commence from Monday, August 31, 2020,” India INX had said earlier in a press release. The contracts will be traded from 4.30 am to 5 pm (session 1) and 5 pm to 2.30 am (Session 2), from Monday to Friday, the release added.

The gold price will be quoted per 10 grams and silver price be quoted on a per-kg basis.

“The available contracts for both Quanto futures contracts is twelve (12) serial monthly contracts. Both Quanto futures contracts will be settled in cash in US Dollar,” the release added.

Gold and silver are already being traded as individual commodities on the Multi Commodity Exchange (MCX). On August 24, MCX had launched the country’s first bullion index Bulldex, with gold and silver as underlying.

India International Exchange, India’s first international stock exchange, is located at the International Financial Services Centre, GIFT City in Gujarat.

Source link

Tags

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close