Buy 1 gm gold deliverable contract! MCX first exchange in world to make this offer! Good for small investors, say experts

MCX Gold Petal: Want to buy gold but do not have the means to buy? Don't worry, the Multi Commodity Exchange 0f India Ltd (MCX) is offering 1 gm deliverable gold contract which will be easy on your pocket. The MCX scheme acts like a Systematic Investment Plan (SIP).

Angel Broking Anuj Gupta recommends those investors to go for it who wants to invest small in gold. He says that buying gold petals from MCX has many advantages. The most important is the flexibility of payment and purity of the gold. At a time when the markets have been a bit shaky because of global uncertainties and coronavirus epidemic, experts have been recommending investors to invest in gold.

Gupta said that the investor can accumulate 1 gm gold and take delivery of the physical gold in future. In a physical market, it could not be easy for an average buyer, he said. The investor can purchase the gold online with the MCX scheme.

Gupta said that the deliverable gold will not be compromised on purity of the gold.

Gupta said that the people have been getting high returns as the price of gold has been appreciating. If the situation remains like this, there are chances of high returns.

Gupta also said that the delivery is temper-proof and the MCX gold is a high-quality gold. Another advantage with the MCX scheme is that the investor has the option of taking the delivery of the gold or keep it in his Demat account.

The MCX will charge Rs 100 as making a charge at the time of delivery. The delivery centers are at Mumbai, New Delhi, and Ahmedabad. The market leader in non-agriculture derivatives has also claims to have "Successfully deliver" of 6270 Gold Petals during November 2019 to Jan 2020.

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According to MCX, bullion futures average daily turnover has hit a 6.5 yr high of Rs 25435 cr in January 2020. Gold Futures' open interest hit 6.5 year high of 35 MT in August 2019. For MCX, the highest ever delivery in a single contract has been 5.16 MT in August 2019, MCX claims. Gold options have also registered a record Ol of 7.2 MT in September 2019, it further claims.

For MCX, the gold and Silver deliverables were 115 MT and 3311 MT respectively since inception.