""The National Commodity and Derivatives Exchange Limited (NCDEX), is set to launch international futures contracts in gold and silver on Monday, December 29, 2008. These contracts named Gold International and Silver International can be bought and sold in lots of one kg and 30 kg respectively.
As per the official release, the contract size has been defined keeping in view the Indian consumer and the recent price trends. These contracts will be physically settled at Ahmedabad. Contracts would be settled on the basis of international prices in rupee denomination. The contracts will expire on the last trading day of the month prior to expiry of the corresponding international bullion futures contract and settlement will be done on expiry at Import parity costing.
The contract has other advantages such as real time & transparent International price hedging contracts in term of Rupees for Importers as well as traders and delivery logic is based on Intentional matching.
With the introduction of futures market in India, NCDEX started offering contracts in Gold and Silver. It currently offers futures trading in 1 kg gold & 30 kg Silver contracts. These contracts are available for trading during all 12 months of the year and are settled by compulsory delivery mechanism. On account of persistent market demand and keeping in mind the fact that India is a big importer of bullion, NCDEX has now introduced these new contracts.""
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