National Multi Commodity Exchange of India (NMCE), the first commodity exchange of the country, has started trading in gold guinea contract to reach to the masses. The commex has tied-up with Muthoot Group to set up multiple delivery centres.
The commodity exchange, which has primarily dealt with agro commodities in the past, launched gold guinea at Kochi, which will give its bullion segment a huge boost. Currently, the exchange gets 20 per cent of its volumes from the metal and bullion trade. "Post launch, bullion segment's contribution to the total volume of the exchange is likely to rise to 22 to 25 per cent," said Anil Mishra, CEO, NMCE.
The guinea would be a Muthoot branded BIS certified serially numbered, available in a tamper proof packing.
The purchase/delivery of the gold guinea will be made available through the Muthoot Finance’s 22 centers across the country, which include Ahmedabad, Kolkata, Jaipur, Mumbai, Indore, Delhi, Rajkot, Kanpur, Lucknow in the North and Trivandrum, Kollam, Kottayam, Calicut, Chennai, Coimbatore, Madurai, Truichi, Bangalore, Mangalore, Hyderabad, Trichur.
“At the time of financial meltdown and crash in the stock markets, investors in general and small investors in particular have been looking for dependable safe investment opportunity. Through this contract which we have developed after research and long interaction with the stakeholders all over the country, we shall fulfill that need”, added Mishra.