Strengthening its presence in bullion, the Ahmedabad-based National Multi Commodity Exchange (NMCE), that posted high growth in 2009-10, has introduced an innovative gold guinea contract to reach out to the masses. It has tied up with Muthoot Group for delivery. Currently, the exchange gets 20 per cent of its volumes from the metal and bullion trade.
The specified quality of the gold guinea is .999 purity (basis), acceptable upto .995 purity and shall be appropriated for premium/discount. The guinea would be Muthoot-branded, BIS-certified serially numbered, available in a tamper proof packing.
The purchase/delivery of the gold guinea is made available through Muthoot Finance’s 22 centres across the country.
They are located in 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. The unique value proposition of NMCE’s gold guinea contract is that the buyer/seller can take/deliver the guinea at any of the 22 centres, irrespective of the availability of the counterparty at that particular centre.
Three of the four permitted contracts, namely the series of, December 09, January 10 and February 10 of the 8-grams gold coin were activated on November 7, 2009 while the March 10 series will be available for trade on December 2009.
