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Type of Contract
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Futures Contract Specifications
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Name of Commodity
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Gold
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Ticker symbol
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GLDPURINTL
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Trading System
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NCDEX's Trading System
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Basis
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Ex-Ahmedabad inclusive of Customs Duty and exclusive of
Sales Tax/VAT/Octroi
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Unit of trading
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1 kg
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Delivery unit
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1 kg
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Quotation/base value
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Rs per 10 Grams of Gold with 995 fineness
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Tick size
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Re 1
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Quality specification
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Not more than 999.9 fineness bearing a serial number and
identifying stamp of a refiner approved by the Exchange.
List of approved refiners is available at :
www.ncdex.com\downloads\refiners_gold.pdf
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Quantity variation
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None
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Delivery center
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Ahmedabad
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Hours of Trading
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As per directions of the Forward Markets Commission from
Time to Time, currently:
Mondays through Fridays – 10:00 AM to 11:30 PM / 11:55 PM
*
Saturdays – 10:00AM to 02:00 PM
Expiry Date – at 11:30 PM / 11:55 PM *
All timings are as per Indian Standard Timings (IST)
*during US day light saving period
The Exchange may change the above timing with due notice.
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Due date/Expiry date
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Last trading day of the contract month
If last day happens to be a holiday, a Saturday or a Sunday then the due
date shall be the immediately preceding trading day of the Exchange
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Delivery specification
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The buyer and seller shall give intentions of
taking/giving delivery through the delivery request window at least three
trading days prior to the expiry of the contracts and such intentions can
be given during 3 days which would be notified separately. This will be
matched by exchange for physical delivery as per the process put in place
by the Exchange.
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Closing of contract
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All open positions for which delivery intentions have
not been received or for which delivery intentions have been rendered but
remain unmatched for want of counterparty to settle delivery, will be cash
settled at Final settlement Price on the expiry of the contract.
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Final Settlement Price
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The Final settlement price will be calculated on the
last trading day based on International spot price at RBI reference rate.
The detailed calculation is as illustrated below :
- International spot
price will be added by 1 US$ as bank premium and then will be
multiplied by 32.1507425 for calculating the equivalent of per Kg
price from per ounce price. This is the price of 1 Kg of Gold in US$
of 999 purity.
- The price arrived
from step 1 is multiplied by 0.995 to get the gold price in US$ for
995 purity equivalent
- Price arrived after
step 2 will be multiplied by RBI reference rate on the day of expiry.
This gives the price of 1 Kg Gold of 995 purity equivalent in INR duty
unpaid.
- The price arrived
after step 3 is divided by 100 to get the Gold price for 10 Gms of 995
purity equivalent.
- Price arrived from
step 4 is added by applicable Customs Duty on 10 Gms
- The price arrived
after step 5 is rounded to nearest rupee
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Opening of contracts
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New contracts would be launched on 10th of the launch
months as per schedule given in contract launch calendar, if 10th happens
to be a holiday the contract would be launched on the next trading day.
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No. of active contracts
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As per launch calendar
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Price limits
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Base daily price fluctuation limit is (+/-)3%. If the
trade hits the prescribed base daily price limit, the limit will be relaxed
up to (+/-)6% without any break/ cooling off period in the trade. In case
the daily price limit of (+/-)6% is also breached, then after a cooling off
period of 15 minutes, the daily price limit will be further relaxed up to
(+/-) 9%. Trade will be allowed during the cooling off period within the
price band of (+/-)6%.
In case of price movement in International markets which is more than the
maximum daily price limit (currently 9%), the same may be further relaxed
in steps of 3% with the approval of FMC.
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Position limits
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Member wise : 6 MT or 15% of market
wide open position whichever is higher – For all Gold contracts combined
together.
Client-wise : 2 MT – For all Gold contracts combined
together.
The above limits will not apply to bonafide hedgers. For bonafide hedgers
the Exchange will decide the limits on a case-to-case basis.
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Quality allowance
(for Delivery)
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Gold bars of 999.9 / 995 fineness
A premium will be given for fineness above 995. The settlement price for
more than 995 fineness will be calculated at (Actual fineness/995) * Final
Settlement Price. Premium of 0.49% would be given for gold delivered of
999.9 purity.
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Special Margin
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In case of additional volatility, a special margin at
such other percentage, as deemed fit by the Regulator/Exchange, may be
imposed on either the buy or the sell side in respect of all outstanding
positions. Removal of such Margins will be at the discretion of the
Regulator/Exchange.
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Additional Margin
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In addition to the above margins the Regulator/Exchange
may impose additional margins on both long and short side at such other
percentage, as deemed fit. Removal of such Margins will be at the
discretion of the Regulator/Exchange.
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