The National Commodity & Derivatives Exchange (NCDEX) has received encouraging response from investors to its just launched gold contract.
The contract, GoldHedge, garnered a volume of 1,300 kg worth Rs 322.3 crore in the first two days of trading (January 16-17), the commodity exchange said.
According to the exchange, GoldHedge aims to give a transparent and straightforward price benchmark of the yellow metal to the consumer.
During the first two days of trading, GoldHedge generated a volume 1,300 kg worth Rs 322.3 crore, while the open interest (OI) touched about 159 kg. The first day saw the volume touching 669 kg worth Rs 165.8 crore, while the OI was 116 kg.
Our product is the perfect solution to the distortion in prices created by fluctuating demand-supply conditions and takes forward the RBI's mission of finalisation of gold to reduce the burden of imports on the current account deficit," NCDEX Managing Director and CEO Samir Shah had said on the eve of contract's launch.