On April13 trading in commodities derivatives including gold was launched at India INX in Gujarat’s Gift City. The India INX was launched with index and equity futures in January 2017.
"With increase in volatility on Thursday, the trading volume of India INX gold crossed the USD 24.15 million mark for the first time," India INX said in a statement on Saturday.
"The Federal Reserve raised US interest rates by 0.25%, in June FOMC (Federal Open Market Committee) meeting. The FOMC statement also said US inflationary pressures have eased a bit recently. After digesting the FOMC statement, the marketplace deemed this Fed meeting as more hawkish on US monetary policy," India INX said.
"The gold market started to erode right after the FOMC statement and due to increase in volatility, the volumes of gold contracts at major exchanges shoots up including that of new entrant in the global market India INX gold contract," it added.
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