india new gold futures trading center

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    another positive for Gold not that 'we' need it.

    NMCE to launch gold futures trading tomorrow ( 1530 hrs)

    The online gold futures trading on the National Multi Commodity Exchange of India (NMCE) will be launched by union minister for consumer affairs, food and public distribution Sharad Yadav in New Delhi tomorrow.

    The launch will put NMCE - a subsidiary of Geojit Securities - on par with New York Mercantile Exchange (Nymex) and Tokyo Commodity Exchange (Tocom).

    "Gold futures trading will give players engaged in bullion trade the benefit of hedging against price fluctuations," C.J. George, managing director of Geojit Securities, said.

    The gold futures trade is being launched after a gap of 41 years, he added.

    George said gold futures trading is aimed at making India, the world's largest consumer at 800 tonne, the price-determining country.

    Though some players in the bullion market hedge their positions on international commodity exchanges, a large number of them do so through illegal routes, he added. (PTI)

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