MCX gold contracts see record delivery

Multi Commodity Exchange of India (MCX) has witnessed a record delivery of 2,173.80 kg for its October gold and mini-gold contracts.

While the gold contract accounted for 1,893 kg, mini-gold shared 280.8 kg. In value term, the exchange has touched a new high gold delivery at Rs 191.53 crore.

The yellow metal settled at Rs 8,811 per 10 gm on the bourse. The delivery assumes significance as gold alone accounts for nearly one-third (about 30 per cent) of the exchange's total turnover.

The precious metals traded on the commex together contribute about half to the MCX turnover.

Within just three years, the price of gold on MCX has established global linkages, and traders on international commodity exchanges have started referring to the MCX price owing to complete convergence.

"The record indicates we are now moving towards India being the price-setter from the price-taker earlier," MD Jignesh Shah said.