MUMBAI (Commodity Online): The Multi Commodity Exchange of India (MCX) launched the Gold Petal futures contract at a time when gold prices are taking away gold as an investment avenue, beyond the reach of a majority of population.
With the launch of MCX Gold Petal futures contract, it had enabled those at the bottom of the economic pyramid to buy or sell a lot of the contract by depositing a margin of just about R100 (at 5% margin for gold price at, say, R2,000 per 1 gm).
Gold futures rallied in the Asia trades today as the markets sell off continued; however the commodity came below its last week's high of $ 1555 levels. The commodity looks bearish to flat this week with the support expected near $ 1500 levels.
COMEX gold futures for august delivery are trading up $2 at $1531 per ounce. The commodity may trade in the range of $1515-1550, however a break of them may result in volatile movement in gold.
MCX August gold futures are trading down Rs 35 at Rs 22510 per 10 grams. The commodity is expected to finds support near Rs 22470 levels.
