MUMBAI (Reuters) - India, the world's biggest buyer of gold, raised the initial margin on gold futures to 5 percent from 4 percent for domestic traders effective Monday, the market regulator said on Friday.
The Forward Markets Commission's (FMC) move comes after gold prices rose 18 percent to reach a record high earlier this week.
The FMC, which regulates the commodity futures market in India, also imposed an additional 5 percent margin on gold, silver and crude oil futures contracts from Monday.
The Multi Commodity Exchange, where most gold futures trading takes place in India, records a daily volume of 28.8 tonnes on an average.
(Reporting by Siddesh Mayenkar; Editing by Frank Jack Daniel)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app