Jaitley unveils MCX’s gold options contracts on Dhanteras

New Delhi: Multi Commodity Exchange of India Ltd. (MCX) launched India’s first gold options contract on the occasion of Dhanteras. The commodity options trading with gold was unveiled by Union Finance Minister Arun Jaitley, here in New Delhi.

“It is a great beginning and I am sure this venture will be extremely useful and successful as far as the trade and the entire industry dealing in this subject (gold) is concerned,” said Jaitley.

Up until now, SEBI only allows futures contracts for hedging in commodities. The launch of MCX’s Gold 1 Kg futures contracts hedges all risks for those dealing in gold by giving them options for the future, according to the Finance Minister.

Jaitley also said that the government has been putting in consistent effort to formalize gold trade through policy formulation.

“The more it formalizes itself, the better it is for the consumers, jewellers, and for those trading in this.”

Chairman, Economic Advisory Council, Bibek Debroy; Finance Secretary, Ashok Lavasa; and CEO, MCX, Mrugank M. Paranjape were also present for the event. (ANI)