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Gold contract transactions crosses USD 24 million-level

Press Trust of India  |  Mumbai 

Trading in gold contracts on BSE's International Exchange (INX) has hit the USD 24.15 million mark for the first time. Trading in commodities derivatives including gold was launched at INX in Gujarat's Gift City on April 13. "With increase in volatility on Thursday the trading volume of INX gold crossed the USD 24.15 million mark for the first time," INX said in a statement today. "The Federal Reserve raised US by 0.25 per cent, in June (Federal Open Market Committee) meeting. The statement also said US inflationary pressures have eased a bit recently.

After digesting the statement, the marketplace deemed this Fed meeting as more hawkish on US monetary policy," INX said. "The gold market started to erode right after the statement and due to increase in volatility the volumes of gold contracts at major exchanges shoots up including that of new entrant in the global market INX gold contract," it added. The INX was launched with index and equity futures in January this year. "Along with Index contracts, gold contract at INX has gained momentum and attracted larger and wider participation as the impact cost of gold contracts at INX is low as compared to other major global exchanges," the exchange said. INX is the first international exchange to become operational at the International Financial Service Centre at the Gift City in Ahmedabad. As many as 84 trading members have taken approval from the SEZ authority to start trading on INX. The exchange has been one of the most advanced technology platforms with a turnaround time of 4 micro seconds. It operates 22 hours, five days a week, to allow global investors and NRIs to trade.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 16 2017. 20:13 IST