MCX sees record deliveries in bullion future contracts for Dec

The Multi Commodity Exchange's (MCX) gold and silver futures contracts for the month of December has seen record deliveries in the market, indicating the positive response of the market participants.

The large volumes of the contracts have resulted in a physical delivery in bullion of 152 kilograms worth around 10 crore of gold, and and 12.7 tonne of silver to the value of Rs 13.7 crore and was successfully settled amongst the net buyers and net sellers.

The complete delivery procedure right from getting the possession of the precious metal from the sellers, quality certifications, consignment movement to handing over to the buyers, was completed in a five day period.

The complete process has been worked out at a very optimal cost and on an average each participant involved in the delivery process had incurred only Rs 350 per transaction.

When the MCX Gold Contract entered into settlement period the Open Interest in Gold was 670 Kgs after from over 4000 kgs few days ago. This open interest resulted in 152 kgs of gold getting delivered and the balance gold, which entered into the delivery period, was squared off. The total volume in MCX Gold December futures contract was 230233 kgs worth Rs 14577 crore.

In silver, the open interest was 16,740 kgs down from over 1,60,000 kgs a few days ago. However, the actual delivery in Silver was 12,698 kg and the balance silver was squared off.

The total volume in MCX silver December futures contract was 22950 tonne worth Rs 25024 crore.