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Futures trading in gold, silver goes online

NEW DELHI OCT. 3. Futures trading in gold and silver began today after a gap of 42 years, with the Ahmedabad-based National Multi-Commodity Exchange of India Ltd (NMCE) pioneering online forward trading in precious commodities.

The first to get an approval from the Forward Market Commission — the regulator of commodities exchanges — NMCE now has 89 participants and started futures trading in 24 commodities in November 2002. It has added 23 commodities within six months.

The Union Consumer Affairs, Food and Public Distribution Minister, Sharad Yadav, who formally launched forward trading at a special function here, stressed on the need for commodity exchanges to take necessary steps to protect the interests of farmers and artisans. The Minister also underlined the need for maintaining quality in gold and silver articles by introducing hall-marking in all cities in the country. — UNI

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