praveen
28-11-2007, 07:14 AM
Multi Commodity Exchange of India Ltd. (MCX) is planning to start a new contract for gold coins as the product gains in popularity, a senior official from the exchange said on Tuesday.
"We have more than 1,800 members... (these) people are looking to buy such products," said Sameer Patil, vice president - product knowledge management at MCX, said.
Patil said the product was currently being designed and the exchange plans to apply to the Forward Markets Commission for approval "very soon." "We are looking at multiple delivery centres... it can be more than 100 centres."
Sales of gold coins have increased in the last one or two years as consumers have shifted their buying patterns, preferring to buy bullion rather than the more expensive jewellery.
Patil said the contract would be for an 8-gram or a 10-gram gold coin approved by the London Bullion Market Association. "It would be aimed at small investors," he said.
"We have more than 1,800 members... (these) people are looking to buy such products," said Sameer Patil, vice president - product knowledge management at MCX, said.
Patil said the product was currently being designed and the exchange plans to apply to the Forward Markets Commission for approval "very soon." "We are looking at multiple delivery centres... it can be more than 100 centres."
Sales of gold coins have increased in the last one or two years as consumers have shifted their buying patterns, preferring to buy bullion rather than the more expensive jewellery.
Patil said the contract would be for an 8-gram or a 10-gram gold coin approved by the London Bullion Market Association. "It would be aimed at small investors," he said.