NCDEX defers mini gold launch

National Commodity and Derivatives Exchange (NCDEX) deferred launch of mini-gold and silver contracts as the Forward Markets Commission (FMC) is yet to give its approval for near-month contracts, said an exchange official.

The agency had reported that NCDEX is all set to launch mini contracts in gold and silver.

The exchange already has permission from the regulator for contracts expiring in January, February, and March. However, it is yet to get permission for contracts expiring in months before January.

"We have written to FMC on this issue and are awaiting the approval. We are seeking their permission to launch the contracts maturing from November and onwards," the official said.

The official said that the exchange would launch the contracts "shortly," but did not specify the date.

"We are hoping that we can launch the contracts by the end of October," he said.

The lot-size or delivery unit for mini-gold will be 100 gm, while that for mini-silver 5 kg.

Mini-gold would be a compulsory delivery contract while mini-silver would be a cash-settled contract due to non-availability of 5-kg silver bar.