A Study On

PERSPECTIVES OF ONLINE TRADING ON COMMODITY MARKET WITH RESPECT TO GOLD

with reference to

GEOJIT BNP PARIBAS FINANCIAL SERVICE LTD.

This is Submitted towards partial fulfillment of requirement for the Award of Degree of

MASTER OF BUSINESS ADMINISTRATION

SUBMITTED BY P.ANIL BABU (PIN No: 10T91E0002) Under the Esteemed Guidance of Dr. P.S.R.MURTHY Professor & Supervisor and Guide

Department of Business Administration

CHAITANYA INSTITUTE OF ENGINEERING & TECHNOLOGY (Affiliated to J.N.T .U, Kakinada) RAJAHMUNDRY (A.P) 2010 2012

CHAITANYA INSTITUTE OF ENGINEERING & TECHNOLOGY RAJAHMUNDRY

CERTIFICATE
This is to certify that the project report entitled PERSPECTIVES OF ONLINE TRADING ON COMMODITY MARKET WITH RESPECT TO GOLD with reference to GEOJIT BNP PARIBAS FINANCIAL SERVICE LTD. has been prepared and submitted by P.ANIL BABU (10T91E0002) to JNTU, Kakinada, in a partial fulfillment of the requirement for the award of the degree of Master of Business Administration, during the academic year 2010-2012, is a bonafide work carried out by him under my guidance and supervision. The result embodied in this report has not been submitted to any other University or Institute for the aware of any degree or diploma.

Head of the Department Dr.P.S.V.S.S.K.V. PRASAD

Project Guide Prof. P.S.R MURTHY

External Examiner

DECLARATION

I, P.ANIL BABU(10T91E0002) hereby declare that the project entitled PERSPECTIVES OF ONLINE TRADING ON COMMODITY MARKET WITH RESPECT TO GOLD with reference to GEOJIT BNP PARIBAS FINANCIAL SERVICE.LTD Submitted by me for the award of the degree of Master of Business Administration is my original work and has been carried out in the Department of Management Studies, Chaitanya Institute of Engineering And Technology, Rajahmundry affiliated to JNTU, Kakinada and has not been submitted previously to any other university or institute for any degree, diploma or similar title.

Station: Date:

P.ANILBABU (10T91E0002)

ACKNOWLEDGEMENT I would like to express my deep sense of gratitude to our principal Dr. V.V.S KRISHNA, for giving me an opportunity to undergo this project. I am thankful to our Dean Dr.P.S.R. Murthy,M.Com,M.Phil,P.hd for encouraging me in doing this project. I am Deeply indebted to Dr.P.S.V.S.S.K.V.Prasad,MBA,M.Com,P.hd Head of the Department of Business Administration, Chaitanya Institute of Engineering & Technology College,Rajahmundry,whose motivation made us overcome all the hardship during of the course of study. I express my deep sense of gratitude; whole hearted thanks to my project guide Dr. P.S.R.MURTHY , M.com, M.phil,Ph.D. Dean, MBA, Chaitanya Institute of Engineering & Technology College, Rajahmundry. I am thankful to the Bank manager Mr.B.venkata siva reddy and officials of the organization, GEOJIT BNP PARIBAS FINANCIAL SERVICE LTD, RAJAHMUNDRY for giving me an opportunity and facilities accorded for carrying out this work.
Finally , I am very happy to extend my gratitude to my parents and friends for their help and support in proving the necessary information every time throughout my project work. P.ANILBABU (10T91E0002)

CONTENTS
CHAPTER-I Page no
Introduction Scope of the study Need for the study Objectives of the study Methodology Limitations of the study 2 3 4 5 6 7

CHAPTER-II
Industry profile 9

CHAPTER-III
Company profile 20

CHAPTER-IV
Theoretical framework and Data Analysis 32

CHAPTER-V
Findings Conclusion Suggestions 111 112 113

BIBLIOGRAPHY
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Chapter-I

Introduction to the topic Need for the study Scope of the study Objectives of the study Methodology Limitations of the study

INTRODUCTION
India, a commodity based economy where two-third of the one billion population depends on agricultural commodities, surprisingly has an under developed commodity market. Unlike the physical market, futures markets trades in commodity are largely used as risk management (hedging) mechanism on either physical commodity itself or open positions in commodity stock. For instance, a jeweler can hedge his inventory against perceived short-term downturn in gold prices by going short in the future markets. The article aims at know-how of the commodities market and how the commodities traded on the exchange. The idea is to understand the importance of commodity derivatives and learn about the market from Indian point of view. In fact it was one of the most vibrant markets till early 70s. Its development and growth was shunted due to numerous restrictions earlier. Now, with most of these restrictions being removed, there is tremendous potential for growth of this market in the country. Trading on derivatives first started to protect farmers from the risk of their values against fluctuations in the price of their crop. From the time it was sown to the time it was ready for harvest, farmers would face price uncertainty. This was developed to reduce the risk of the farmers. Lets take an example when a farmer who sowed his crop in June which he would receive his harvest in September may face uncertainty in prices over the period because of the oversupply they are selling at a very low cost. Due to the high volatility in Financial Market with high risk & low rate of return had made investors to choose alternate investments such as Bullion market in Commodity market. In India gold has traditionally played a multi-faceted role. Apart from being used for ornament purpose, it has also served as an asset of the last resort and a hedge against inflation and currency depreciation. But most investment. importantly, it has most often been treated as an

SCOPE OF THE STUDY

The study mainly focuses on Indian commodity market, its history and latest developments in the country in Commodities market. It also keeps a birds eye view on global commodity market and its development. It provides a view on gold prices during the course of project and also provides regulatory framework for commodities market in India. Helps to know the trading, clearing and settlement mechanisms in a commodity market. It also provides information regarding gold production, demand and consumption of gold in India and also India in world gold industry and a list of commodity markets in India as well as in the world. Study aims at understanding the governance and regulatory frame work for commodity derivatives exchanges, traders, investors and other participants. The scope of study shows the outer line or border of the research study. It is limited to only one commodity, i.e. Gold and is based on two months performance of Gold. This study relates to only Indian commodity market that is MCX, NCDX

NEED FOR THE STUDY

Ever since the dawn of civilization commodities trading has become an integral part in the lives of mankind. The very reason for this lies in the fact that commodities represent the fundamental elements of utility for human begins. Over the years commodities market have been experiencing tremendous progress, which is evident from the fact that the trade in this segment is standing as the boon for the global economy today. Coming to Indian scenario, despite a long history of commodity markets, commodity markets in India are still in their initial stages of development. The reasons for this can be initial stages of development. The present topic deals with the investment process of the investor. Now a day it becomes an integral part of financial literature. It gives the emphasis on how different factors like inflation affect the price of gold. The main idea behind this research is to gain basic idea what strategies trading firms and brokers using to gain maximum profit. It tells the investor when to buy and when to sell the good. Investors are seeking commodity market as of the important investment avenues.

Objectives of the study

To understand the basics of commodity market and to discover the emerging prospects in the Indian commodity market. India. To know how exactly the commodities are traded through the trading desks To identify the working procedure of the commodity trading practices in

and what happens in the market. To emphasis trading and settlement mechanism for commodities in Indian

stock exchanges. To study various types of gold contracts those are available in commodity

market. Study aims at understanding the governance and regulatory frame work for

commodity derivatives exchanges, traders, investors and other participants. To analyze the future conditions and situations (buy, hold and sell) on gold

price movements.

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METHODOLOGY
After the objective of the study has been clearly stated, the next step in formal research project is to determine the source from which the data is required to be collected. The data collection is an interesting aspect of the study. For the purpose of achieving data effectively the information consist of two types of data. Primary data Secondary data

PRIMARY DATA As for the study, primary data is gathered through: A series of detailed discussions with managers Executives of the company Senior manager of finance and accounts

SECONDARY DATA The secondary data was collected from Company reports Reference books Websites Administrative reports Brochures Documents provided by the organization.

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LIMITATIONS

Trading gold can be very risky if an investor does not have knowledge of the gold trading market. Gold trading online allows investors to trade gold online without an advisor, but not having a professional advice you can be risky. Investors without any prior knowledge in trading gold could end up buying or selling too much gold. Investors must keep in mind that there will always be some risk in these types of markets. The technical analysis is done using daily gold prices. The present study takes in to consideration of 2 months data of gold prices only. Data collection was strictly confined to secondary source, no primary data is used. The study is based on the study on fundamental and technical analysis such as price movement, relationship of gold with other factors, volume and open interest. This analysis will be holding good for a limited time period i.e. based on present scenario and study conducted, future movement of price may or may not be similar.

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Chapter-II
INDUSTRY PROFILE

13

INDUSTRIAL PROFILE CAPITAL MARKET

Capital market is a financial market, which provides and facilitates an orderly exchange of long term needs. The capital market in India is classified into Primary market or new issuance market. Secondary market Fresh issues of shares and other securities are affected though the Primary market. Investors can buy and sell securities in secondary market from/to other investors. The securities are traded, cleared and settled through intermediaries as per prescribed regulatory framework under the supervision of the Exchanges and oversight of SEBI. The regulatory framework has prohibited trading of securities outside the exchanges. In India the main stock exchanges are National stock exchange and Bombay stock exchange.

National Stock Exchange:

The National Stock Exchange (NSE) is Indias leading stock exchange covering various cities and town across the country. NSE was set up by leading institutions to provide a modern, fully automated screen based trading system with national reach. The exchange has brought about unparalleled transparency, speed and efficiency, safety and market integrity. It has set up facilities that serve as
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a model for the securities industry in terms of systems, practices and procedures. NSE has played a catalytic role in reforming the Indian securities market in terms of micro structure, market practices and trading volumes. The market today uses slate of art information technology to provide an efficient and transparent trading, clearing and settlement mechanism, and has witnessed several innovations in products and services viz., dematerialization of stock exchange governance, screen based trading, compression of settlement cycles, dematerialization and electronic transfer of securities, securities lending and borrowing, professionalization of trading members, fine turned risk management systems, emergence of clearing corporations to assume counter party risks, market of debt and derivative instruments and intensive use of information technology.

The National Stock Exchange of India Limited has genesis in the report of the High Powered Study Group of Establishment of New Stock Exchanges, which recommended promotion of a National Stock Exchange by financial institutions (FIS) to provide access to investors from all across the country on an equal footing. Based on the recommendations, NSE was promoted by leading Financial Institutions at the behest of the Government of India and was incorporated in November 1992 as a tax paying company unlike other stock exchanges in the country. On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debit Market (WDM) segment

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commenced operations in November 1994 operations in Derivatives segment commenced in June 2000.

Our Mission:
NSEs, mission is setting the agenda for change in the securities markets in India. The NSE was set-up with the main objectives of: Establishing a nationwide trading facility for equities, debt instruments and hybrids. Ensuring equal access to investors all over the country through an appropriate communication network. Providing a fair, efficient and transparent securities market to investors using electronic trading systems.
Enabling shorter settlement cycles and book entry settlements

systems Meeting the current international standards of securities markets. The standards set by NSE in terms of market practices and technologies have become industry benchmarks and are being emulated by other market participants. NSE is more than a mere market facilitator. Its that force which is guiding the industry towards new horizons and greater opportunities.

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Promoters:
NSE has been promoted by leading financial institutions, banks, insurance companies and other financial intermediaries:

Industrial Development Bank of India Limited. Industrial Finance Corporation of India Limited. Life Insurance Corporation of India State Bank of India ICICI Bank Limited IL & FS Trust Company Limited Stock Holding Corporation of India Limited SBI Capital Markets Limited The Administrator of the Specified Undertaking of Unit Trust of India Bank of Baroda Canara Bank General Insurance Corporation of India National Insurance Company Limited The New India Assurance Company Limited The Oriental Insurance Company Limited Punjab National Bank Oriental Bank of Commerce Corporation Bank Indian Bank
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Union Bank of India

NSE Logo:
The logo of the NSE symbolize a single nationwide securities trading facility ensuring equal and fair access to investors, trading members and issuers all over the country. The initials of the Exchange viz., N, S and E have been etched on the logo and are distinctly visible. The logo symbolizes use of state of the art information technology and satellite connectivity to bring about the change within the securities industry. The logo symbolizes vibrancy and unleashing of creative energy to constantly bring about change through innovation.

Corporate Structure:
NSE is one of the first demutualised stock exchanges in the country, where the ownership and management of the Exchange is completely divorced from the right to trade on it. Though the impetus for its establishment came from policy makers in the country, it has been setup as a public limited company, owned by the leading institutional investors in the country. From day one, NSE has adopted the form of a demutualised exchange the ownership, management and trading is in the hands of three different sets of people. NSE is owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries and is managed by professional, who do not directly or indirectly trade on the Exchange. This has completely eliminated any conflict of interest and helped NSE in aggressively pursuing policies and practices within a public interest framework.
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The NSE model however, does not preclude, but in fact accommodates involvement, support and contribution of trading members in a variety of way. Its board comprises of senior executives from promoter institutions, eminent professionals in the fields of law, economics, accountancy, finance, taxation, etc. public representative, nominees of SEBI and one full time executive of the Exchange. While the Board deals with broad policy issues decisions relating to market operations are delegated by the Board to various committee constituted by it. Such committee includes representatives from trading members, professionals, the public and the management. The day-to-day management of the Exchange is delegated to the Managing Director who is supported by a team of professional staff.

Bombay Stock Exchange:

The Stock Exchange, Mumbai, which was established in 1875 as The Native Share and Stockbrokers Association (a voluntary non-profit making association), has evolved over the years into it present status as the premier Stock Exchange in the country. It may be noted that the Stock Exchange is the oldest one in Asia, even older than the Tokyo Stock Exchange, which was founded in 1878.

The Exchange while providing an efficient market also upholds the interests of the investors and ensures redressal of their grievances, whether against the companies or its own member brokers. It also strives to educate and enlighten the investors by making available necessary informative inputs.

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A Governing Board comprising of 9 elected directors (one third of them retire every year by rotation) and Executive Director, three Government nominees, a Reserve Bank of India nominee and five public representatives, is the apex which regulates the exchange and decides its policies. The Governing Board following the election of directors annually elects a President, Vice President and an Honorary Treasurer from among the elected directors. The Executive Director as the Chief Executive Officer is responsible for the day-do-day administration of the Exchange. The exchange has obtained permission from Securities and Exchange Board of India (SEBI) for expansion of its BSE-on-Line Trading (BOLT) network to locations outside Mumbai. In term of the permission granted by SEBI, the members of the Exchange are free to install their trading terminals to cities where there are no Stock Exchange. However, at centers where the other exchanges are located, the Exchange is required to sign a Memorandum of Understanding with these Exchanges permitting it to install the BOLT terminals in their jurisdictional areas. The expression of BOLT network was inaugurated by the Finance Minister, Government of India, Sri P. Chidambaram on August 30, 1997. The Exchange has signed Memorandum of Understanding with eleven Stock Exchanges, viz., Calcutta, Pune, Ahmadabad, Saurashtra, Kutch (Rajkot), Madaypradesh, Vadodara, Bhubaneswar and Magadha (i.e., Patna) Jaipur, Coimbatore and Chennai (Madras) to provide BOLT connections to the members of these Exchanges after obtaining necessary clearance
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from SEBI. The BOLT network has been expanded to centers outside Mumbai and covers 232 centres having 726 VSATs (Very Small Aperture Terminals) and 1020 TWSs (Trader Work Stations) as on October 31, 1999. Of these, 648 VSATs and 872 TWSs respectively are installed outside Mumbai. With the expansion of BOLT outside Mumbai. The total average daily turnover at the Exchange has increased from Rs.1064 crores in August 1997 to Rs. 1404 crores in April 1998 and further to Rs.2885 crores in October 1999. The average daily turnover at the Exchange has increased from Rs. 851 crores in 1997-98 to R.1284 crores in 1998-99 and further to Rs.2885 crores in 1999-2000 (April October 1999). Some of the important aspects of the working of the stock Exchange, Mumbai are discussed below.

Trading:

The Exchange has switched over from the open outcry trading system to a fully automated computerized mode of trading known as BOLT (BSE On Line Trading) System.This system, which is both order and quote driven was commissioned on March 14, 1995. It facilitates more efficient processing, automatic order matching and faster execution of trades. Above all, the system is more transparent. The members now enter orders / quotes on their Trader Work Stations (TWSs) in their offices instead of assembling in the trading ring.

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The strips traded on the Exchange have been classified into A, B1, B2, C, F and Z group. The number of strips listed on the Exchange under A, B1 and B2 groups which represent the equity segments as on October 1999 was 152, 1109 and 4510 respectively. The F group represents the debt market (fixed income securities) segment wherein 670 securities were listed as at the end of October 1999. The Z group was introduced in the month of July 1999 and covers the list of companies that fail to comply with listing requirements and also fail to resolve investor complaints. The Z group comprises of 539 scripts as of October 1999. The C group covers the odd lot securities in A, B1 and B2 groups and Rights renunciations. The stock Exchange, Mumbai, is the only Stock Exchange in the country to provide a facility of on-line trading in odd lot securities and rights renunciations. This facility of trading in odd lots of securities and Rights renunciations not only offers an exit route to investors to dispose of their odd lot of securities but also provides them an opportunity to consolidate their securities into market lots. Trading in this segment covers all the scripts listed in the equity segment. The trading cycle for all these groups of securities is weekly. The trading cycle for A, B1, B2, C and Z group securities representing the equity segment is from Monday to Friday and that for F group securities representing the debt market is from Thursday to Wednesday. The Transactions in A group scripts are allowed to be carried forward from one settlement to another settlement subject to a maximum of 75 days from the date of outstanding positions in A group scripts. The trading session for carry forward of transactions from one settlement to

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another is conducted on Saturdays, i.e., at the end of every trading cycle in the equity segment. Trading on the BOLT system is conducted from Monday to Friday between 10.00 a.m. and 3.30 p.m. while the carry forward session for A group securities is conducted on Saturdays between 10.00 a.m. and 12.30 p.m. The Information Systems Department of the Exchange generates the following statements that can be downloaded by the members in their back offices on a daily basis : Statements giving details of the daily transactions entered into by the members. Statements giving details of margins payable by the members in respect of the trades executed by them. The members are allowed to enter into transactions on behalf of their Institutional clients, viz., Scheduled Commercial Banks, Indian Financial Institutions (IFIs) and Foreign Institutional Investors (FIIs) and Mutual Funds registered with SEBI. The settlement of the trades (money and securities) done on behalf of the Institutions may be either through the member himself or through a SEBI registered Custodian appointed by an institution. In case the delivery / payment is to be given or taken by a Custodian on behalf of an Institution; the former has to confirm the trade done by a member.

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For this purpose, the Custodians have been admitted as members of the Clearing House. In case the Custodian does not confirm an institutional transaction, the liability for pay in funds or securities devolves on the concerned member.

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Chapter-III
COMPANY PROFILE

25

COMPANY PROFILE GEOJIT BNP PARIBAS: Origin:

Geojit bnp Paribas was started in the year 1987 when Mr. C.J. George and Mr. Ranajit Kanjilal founded Geojit as a partnership firm. In 1993, Mr.Ranajit Kanjilal retired from the firm and Geojit became the proprietary concern of Mr. C .J. George. In 1994, it became a Public Limited Company named Geojit Securities Ltd. The Kerala State Industrial Development Corporation Ltd. (KSIDC), in 1995, became a copromoter of Geojit by acquiring a 24 percent stake in the company, the only instance in India of a government entity participating in the equity of a stock broking company. The year 1995 also saw Geojit being listed on the leading regional stock exchanges. Geojit listed at The Stock Exchange, Mumbai (BSE) in the year 2000. Companys wholly owned subsidiary, Geojit Commodities Limited, launched Online Futures Trading in agri-commodities, precious metals and energy futures on multiple commodity exchanges in 2003. This was also the year when the company was renamed as Geojit Financial Services Ltd. (GFSL). The Board consists of professional directors; including a Kerala Government nominee. With effect from July 2005, the company is also listed at The National Stock Exchange (NSE). Company is a charter member of the Financial Planning Standards Board of India and is one of the largest Depository Participant(DP) brokers in the country.

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Geojit BNP Paribas through its first mover advantage in different areas has been the first to serve investors with its innovative offerings. 1st to launch internet trading in the year 2000 1st to launch integrated internet trading system for cash And derivative segments in the year 2002. 1st Indian stock broking company to commence domestic Retail broking operations in any foreign country.

1st in the industry to have a global player offering its Name thereby creating Geojit BNP Paribas

1st to launch exclusive branches for women in 2005 On 31st December 2007, the company closed its commodities business and surrendered its membership in the various commodity exchanges held by Geojit Commodities Ltd. Global banking major BNP Paribas took a stake in the year 2007 to become the single largest shareholder. Consequently, Geojit BNP Paribas has been renamed as Geojit BNP Paribas Financial Services Ltd.

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Vision:

Our long term business growth strategy is focused on providing Advice based investment services to customers wherein we Visualise our dealers advising clients It has many industry firsts to its credit including branch banking, The franchisee model, Internet-based trading and starting domestic Retail broking operations in a foreign country

Approach to Research
The Company follows a simple approach to research as follows Data collection, Analysis, Communication, Feedback. All the analysts of the firm have significant experience, which they share with each other. They believe that they have an innovative sources of data, that helps to keep ahead to identify trends. It would be unfair on our part not to mention the immense contribution which our clients and readers feed back forms to the QC as well as R&D for us. The feedback helps us in all stages- data collection

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and communication, most importantly, in improving our methodology as well. Below mentioned are the other Directors on the Board: The details of the directors of the Portfolio Manager are detailed below:

No. Name Qualification Experience:

1.

Mr. Serge Forti CESB - 1982 and CPA - 1990,

Mr. Serge Forti has been appointed as Chairman Paris, France of The Board of Directors.

GEOJIT BNP Paribas Wealth

Management Asia is headed by him as CEO Asia Pacific. A member of GEOJIT BNP Paribas Wealth Management Business Global Executive Committee, Mr. Serge Forti has a long banking experience with the GEOJIT BNP Paribas Group. He is particularly familiar with GEOJIT BNP Paribas Asia after spending nine years in Indonesia, Hong Kong, Taiwan and from ( 2000-2004) in Singapore as Head of Wealth Management for South East Asia. Most recently, Mr. Serge Forti was Head of Private Banking Europe, Middle East and Americas.
2.

Mr. Ricardo Sanchez-Moreno Masters degree in Economics Mr.Ricardo Sanchez-Moreno joined GEOJIT BNP Paribas and

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Business Administration in April 1993 as a Credit Analyst in the Universidad Autonoma de International Commodities Dept.

He later joined Madrid 1992, European School the group internal audit department where he of Management (ESCP-EAP) became the Head of Mission. He joined Private 1991. Banking in 2000 and has served as COO since in the US, Bahamas and now Singapore.

3.

Mr. Sharad Sharma B.Com., CAIIB (II), M.F.M Mr. Sharad

Sharma is a professional banker and has hands on experience in the banking field. Mr. Sharma is the head of GEOJIT BNP Paribas Wealth Management in India and has been instrumental in setting up of The investment advisory desk of GEOJIT BNP Paribas, India. He has developed and modeled the "open architecture system" of Wealth Management. Mr. Sharma is well known in the wealth Management Industry and has been with GEOJIT BNP Paribas, India for the last 22 years and has approximately 29 years of working experience.
4.

Mr. R. Y. Chikhlikar B.A.

Mr. R. Y. Chikhlikar has been a professional banker for more than 30 years. He was head of "Fixed Income & Treasury" of GEOJIT BNP Paribas, India and is currently "Consultant -

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Financial Institutions Group", GEOJIT BNP Paribas, India. In his career,

he has served with the State Bank of India for about 20 years.

5.

Mr. B. K. Ramabhadran B.Com., LL.B., M.F.M.

Mr. B. K. Ramabhadran is the Principal Officer of

(Principal Officer)GEOJIT BNP Paribas Investment Services India

Pvt. Ltd. Mr. Ramabhadran has vast experience in capital market operations. In his career he has worked with Tata Share Registry Ltd., ICICI
Bank Ltd. and NCDEX

Features of the GEOJIT BNP PARIBAS company:

GEOJIT BNP PARIBAS has Succeeded In Giving The Stock Broking Service online trading. GEOJIT BNP PARIBAS Is The First Stock Broking Organization In India To Introduce Trading Facilities On Equity Segment Of NSE & BSE And Derivatives Segment Through CTCL Solution On A Single Screen Trade On NSE,BSE Trade derivatives & portfolio Integrated Margining System For Equity And Derivatives Segment. Advantage Of Most Advanced Decision Support System. Buy Today & Sell Tomorrow. Buy Today & Pay Tomorrow. 31

 On-Line Risk Management. Integrated On-Line Trading & Depository. Hedging Opportunity Between Equity & Derivatives Segments On Same Screen. Security Wise Real Time Graph Available. Competitive Brokerage Structure. Live Charts, Streaming Quotes And Technical Tools. Comprehensive Research Data On Companies. Instant Online Support. Off Line Order Entry. Transact Through Any 5 Online Banks. Auto Transfer Of Shares For Pay-In & Exposure. Online Blocking Of Stock For Margin & Exposure. Maximum Exposure Against Cash & Shares. Accepted Securities For Margins. Option To Manage Trades at Branches. Speed Trade Facility for Volume Clients. Growth & Protection of Investment _Wealth Care.

Customer Support:
The company committed to provide for best services and shall be too glad to render any assistance required by company. I have noticed the constant endeavor to improve our standards of service and feedback shall be highly valued here. Its have 24X7 consumer center

Research:

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The company having the research department it generates daily vary reports and suggestion on various topics and segments of the capital markets like cash markets, futures, option and also provides the various companys information and also the www.geojitbnpparibas.com maintains the large database about the various information on each and every script of exchanges both BSE & NSE.

GEOJIT BNP PARIBAS Portfolio Management Services:

Portfolio Management Services is an investment in stocks, fixed income products, debt products, structured products and other securities by a professional fund manager for clients in line with their management for clients in line with their investment objective. GEOJIT BNP PARIBAS provides discretionary PMS (Portfolio Management Services) where in the investment decisions are regards the choice of securities and the timing of investments is solely the fund managers prerogative.

The Products:
GEOJIT has a bouquet of products expressly formulated keeping in view the clients risk appetite, investments objective and size of investment, namely

1) ASCIL GEMS (Growing Equity Management Scheme)

This aim of this scheme is to give superior return by investing in companies of varied market caps across diversified sectors, with a medium to long term investment horizon. The Mainstay is to focus on high growth oriented companies at a nascent stage or matured businesses at attractive valuation ensuring a balanced portfolio. Ideal for an investor with medium risk appetite and long term investment objective. Minimum Investment: 5lakhs no lock in period. Exit with in first 6months attract load of 2.58% of investment.

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Reports: Monthly Holding & transaction statements. Annual auditor certified statement. Product Approach Investment management on pool Basis Exhaustive Fundamental Research Prudent stock selection based on predetermined criteria, Not exceeding 10% on small cap. Not exceeding 25% in each sector. Major focus 90% on Large & Medium Cap.

2) ASCIL STARS (Structured arbitrage returns Scheme)

This scheme aims at generating profits by taking advantage of the arbitrage opportunities between cash & derivatives markets. The mainstay of this scheme is so safeguard capital through a simultaneous position entry strategy for an immediate profit lock outcome. Ideal for an investor with low risk appetite and a penchant for regular returns. Minimum investment: Rs.10lakhs no lock in periods. Exit within first 6 months attract load of 2.5% of investment. Reports: Monthly Holding & Transaction Statement, Annual auditor certified statement

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Product Approach: Low risk strategy designed to deliver returns irrespective of market direction. Buying cash and selling futures simultaneously because of price differential and unwinding it by selling cash and buying futures at the end of the month to pocket the spreads.

3)

ASCIL COMETS (Current Opportunities Maxi miser Emerging Trends

Scheme) The portfolio would aim to invest in emerging sector companies with sustainable business models backed by strong management capabilities for short period swift returns. This is ideally to take advantage of the opportunity presented by such companies in a conductive market scenario. The mainstay of this scheme would be Book profits Cut losses strategy. Ideal for an investor with hight risk appetitie with short term investment objective. Minimum investment: Rs5 lakhs no lock in periods. Exit within first 6 months attract load of 2.5% of investment. Reports: Monthly Holding & Transaction Statement, Annual auditor certified statement.

Product Approach: Investment management on pool basic exhaustive fundamental Research prudent stock selection based on predetermined criteria not exceeding 10% on small cap. Major focus 90% on large & medium cap.

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The Client:
Any individual/Institution looking to invest in structured products, Equity debt products. Any individual/Institution looking for specialized investment solutions. Any Individual/Institution, who appreciate professional approach to fund management. Any Individual/Institution, who is taxed for time & prefer to have investments managed In short YOU.

Strengths:
The following are the strengths that set the firm apart. The firm has been in information services for the last seven years and has assiduously built the necessary for the business. We have leveraged our content to create the GEOJIT BNP PARIBAS brand, which is synonymous with credible information on business and finance. The firms top management team represents a skill set, which is mutually exclusive but collectively exhaustive.

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 The strength of the organization has been to continuously innovate and reinvent itself.

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Chapter-IV
THEORETICAL FRAME WORK DATA ANALYSIS

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INTRODUCTION TO GOLD
States Gold is a chemical element with the symbol Au (Latin aurum, shining dawn) and an atomic number of 79. It has been a highly sought after precious metal for coinage, jewelry, in rocks, in veins and in alluvial deposits. Gold is dense, soft, shiny and the most malleable and ductile pure metal known. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Gold is one of the coinage metals and has served as a symbol of wealth and a store of value throughout history. Gold standards have provided a basis for monetary policies. It also has been linked to a variety of symbolisms and ideologies. A total of 158,000 tones (=8,333.33 cubic meters) of gold have been mined in human history, as of 2009. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion and excellent quality as conductor of electricity. For thousands of years gold served individuals as the most common medium of exchange. People began experimenting with convertible paper currencies backed by gold in the 1700 and 1800s. The international system of central bank managed gold-backed currencies that developed was called the gold standard. The shackles placed on central banks by the necessity of ensuring gold convertibility prevented them from issuing excess paper money to pay for government expenses, thereby causing inflation. The gold standard was dismantled and the shackles removed on the eve of World War I when most central banks removed gold convertibility, ostensibly to make it easier for them to finance war spending. After this, the world would experience some of the greatest

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inflations in history, including that Germany in the early 1920s the hardships experienced in the Great Depression and World War II kept the gold standard from being properly reconstructed. It was only after WWII that the worlds nations attempted to reconnect the international monetary system to gold. In the resulting Breton Woods system that developed, all currencies were fixed in price to the United dollar, while the dollar itself was convertible by the worlds central banks into 0.028 ounces of gold (1 ounce was worth $35). The dollar had moved to the centre of the worlds monetary system, challenging gold. This shows the gradual unraveling of both the Breton Woods system and golds $35 fixed price, the end of dollar convertibility god, the elimination of gold as a monetary asset, and the emergence of todays system of freely floating competing currencies. Even though the dollar is no longer linked to gold, it has retained its position as the worlds pre-eminent medium of exchange. Till today 10 times more silver has been mined when compared to gold. On Ground availability pf Gold is five times more than that of silver. It is a precious metal that is very soft when pure (24 Kt.). Gold is the most malleable (hammerable) and ductile (able to be made into wire) metal. Gold is alloyed (mixed with other metals, usually silver and copper) to make it less expensive and harder. The purity of gold jewellery is measured in karats. Some countries hallmark gold with a three-digit number that indicates the parts per thousand of gold. In this system, "750" means 750/1000 gold (equal to 18K); "500" means 500/1000 gold (equal to 12K). Alloyed gold comes in many colours.

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History of Gold
A child finds a shiny rock in a creek, thousands of years ago, and the human race is introduced to gold for the first time. Gold was first discovered as shining, yellow nuggets. "Gold is where you find it," so the saying goes, and gold was first discovered in its natural state, in streams all over the world. No doubt it was the first metal known to early hominids.

Gold became a part of every human culture. Its brilliance, natural beauty, and luster, and its great malleability and resistance to tarnish made it enjoyable to work and play with. Because gold is dispersed widely throughout the geologic world, its discover y occu rred to many differ ent groups in many differ ent local es. And nearl y ever yone who found it was impr essed wit h it, and so was the developi ng culture in which they lived Gold was the first metal widely known to our species. When thinking about the historical progress o f t e c h n o l o g y , w e consider the development of iron and copper-working a s t h e g r e a t e s t contributions to our species' economic and cultural progress - but gold came first. As far back as 3100 B.C., we have evidence of a gold/silver value ratio in the code of Menes, the

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founder of the first Egyptian dynasty. In this code it is stated that "one part of gold is equal to two and one half parts of silver in value." This is our earliest of a value relationship between gold and silver. In ancient Egypt, around the time of Seti I (1320 B.C.), we find the creation of the first gold treasure map now known to us. Today, in the Turin Museum is a papyrus and fragments known as the "Carte des mines d 'or." It pictures gold mines, miners' quarters, road leading to the mines and gold-bearing mountains, and so on. A monetary standard made the world economy possible. The concept of money, (i.e., gold and silver in standard weight and fineness coins) allowed the World's economies to expand and prosper. During the Classic period of Greek and Roman rule in the western world, gold and silver both flowed to India for spices and to China for silk. At the height of the Empire (A.D. 98-160), Roman gold and silver coins reigned from Britain to North Africa and Egypt. Money had been invented. Its name was gold. In 2001, it was estimated that 2870 tons of gold were produced worldwide. About 80 percent of that gold production was used to make jewellery, the majority of which was sold in India, Europe and the United States of America. Gold jewellery is universally popular, loved for its lustrous yellow colour and untarnishing character. In many Asian countries, such as India, Thailand, and China, gold is important to religious ceremonies and social occasions, such as the Chinese New Year and Hindu marriages in India.

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Uses of Gold Investment

Gold is an investment

Since 2001, we have been in the early stage of a gold bull market. A young bull market is the investment opportunity of a lifetime. This asset class (precious metals) should vastly outperform. Traditional asset classes like stocks, bonds, real estate - for the next 5-10 years. All signs point to a continued upswing in gold prices. The reality is, gold responds well to currency debasement and monetary uncertainty. Gold's Usefulness as safe haven The geo-political and world economic structure is currently undergoing major change-some have even called the situation an "upheaval." This means that the investment outlook, particularly for certain parts of the world, is more unpredictable than usual. Under these circumstances, it is logical to conclude that certain investment portfolios should include real (non-paper) assets such as commodities for protection against a potential decline in the paper markets. Gold's Usefulness as an Asset Diversifier Most portfolios are invested primarily in traditional financial assets such as stocks, bonds and mutual funds. Adding gold to a portfolio introduces an entirely different asset; a tangible or real asset, thus increasing the portfolio's degree of diversification. The purpose of diversification is to protect the total portfolio against fluctuations in the value of any one asset or type of asset. Gold does exactly that the reason is basic The economic forces which determine the price of gold are different from, and in many cases opposed to, the forces which determine the prices of most financial assets. The price of equity depends on the

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earnings and growth potential of the company it represents. Likewise, the price of a bond depends on its safety, its yield, and the yields of competing fixed income investments.

Gold is money Gold is still the most important money in the world. Gold has been the ultimate store of value and currency for 4,000 years, outlasting all paper currency and fiat money. Stocks and bonds expire; gover nmen ts come and go; but gold is forever. Gol d has intrins ic valu e as a rare asset. Gold is precious. And wh at keeps it preci ou s is that the total amount of gold in the worl d is a small quantity.

Gold is insurance.

Gold has always acted as portfolio insurance - protecting you against potential disaster of your financial assets. Gold is a hedge because it is negatively correlated to traditional financial assets. In other words, when paper assets go up - like, stocks and bonds gold goes down. And when paper assets go down, gold goes up. History has shown that a gold-hedged portfolio during uncertain financial and political times provides the ultimate insurance against potential economic calamity.

DEMAND FOR GOLD

The Consumer demand for gold is more than 3400 tons per year making it Whopping $40 billion worth. More than 80% of the gold consumed is in the form of jewellery, which is generally predominated by women.

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The Indian demand to the tune of 800 tons per year is making it the largest market for gold followed by USA, Middle East and China. About 80% of the Physical gold is consumed in the form of jewellery while bars and coins occupy not higher than 10% of the gold consumed. If we include jewellery ownership, then India is the largest repository of gold in terms of total gold within the national boundaries. Regarding pattern of demand, there are no authentic estimates, the available evidence shows that about 80% is for jewellery fabrication for domestic demand, and 15% is for investor demand (which is relatively elastic to gold-prices, real estate prices, financial markets, tax policies, etc.). Barely 5% is for industrial uses. The demand for gold jewellery is rooted in societal preference for a variety of reasons. Religious, ritualistic, a preferred form of wealth for women, and as a hedge against inflation. It will be difficult to prioritize them but it may be reasonable to conclude that it is a combined effect, and to treat any major part as exclusively a store of value or hedging instrument would be unrealistic. It would not be realistic to assume that it is only the affluent that creates demand for gold. There is reason to believe that a part of investment demand for gold assets is out of black money Rural India continues to absorb more than 70% of the gold consumed in India and it has its own role to fuel the barter economy of the agriculture community. The yellow metal used to play an important role in marriage and religious festivals in India. In the Hindu, Jain and Sikh community, where women did not inherit landed property whereas gold and silver jewellery was, and still is, a major component of the gifts given to a woman at the time of marriage. The
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changeover hands of gold at the time of marriage are from few grams to kgs.The gold also occupies a significant position in the temple system where gold is used to prepare idol and devotees offer gold in the temple. These temples are run in trust and gold with the trust rarely comes into re-circulation. The existing social and cultural system continues to cause net gold buyer market and the government policies have to take note of the root cause of gold demand, which lies in the social and cultural system of India. The annual consumption of gold, which was estimated at 65 tons in 1982, has increased to more than 700 tons in late 90s. Although it is likely that, with prosperity and enlightenment, there may be deceleration in demand, particularly In urban areas, it would be made good by growing demand on account of prosperity in rural areas. In the near future, therefore, the annual demand continue to be over 600 tons per year. will

SUPPLY OF GOLD
Indian gold holding, which are predominantly private, is estimated to be in the range of 10000- 13000 tons. One fourth of world gold production is consumed in India and more than 60% of Indian consumption is met through imports. The domestic production of the gold is very limited which is around 9 tons in 2002 resulting more dependence on imported gold. The availability of recycled gold is price sensitive and as such the dominance of the gold supply through import is in existence. The fabricated old gold scraps is price elastic and was estimated to be near 450 tons in 2002. It rose almost more than 40% compared to the previous year because of rise in gold price by more than 15%.
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The demand- Supply for gold in India can be summed up thus: Demand for gold has an autonomous character. Supply follows demand. Demand exhibits income elasticity, particularly in the rural and semi-urban areas. Price differential illegal creates import import prior demand, to the particularly

commencement of liberalization in 1990.

World Gold Markets

London as the great clearing house New York as the home of futures trading Zurich as a physical turntable Istanbul, Dubai, Singapore and Hong Kong as doorways to important consuming regions. Tokyo where TOCOM sets the mood of Japan Mumbai under India's liberalized gold regime

24 hours round the clock market

Hong Kong Gold Market Zurich Gold Market London Gold Market
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New York Market

India in World Gold Industry

(Rounded Figures) Total Stocks Central Bank holding Annual Production Annual Recycling Annual Demand Annual Imports Annual Exports India (In Tons) World (In Tons) % Share 13000 400 2 100-300 800 600 60 145000 28000 2600 1100-1200 3700 9 1.4 0.08 13 22

Indian Gold Market

Gold is valued in India as a savings and investment vehicle and is the second preferred investment after bank deposits. India is the world's largest consumer of gold in jewellery as investment. In July 1997 the RBI authorized the commercial banks to import gold for sale or loan to jewellers and exporters. At present, 13 banks are active in the import of gold. This reduced the disparity between international and domestic prices of gold from 57 percent during 1986 to 1991 to 8.5 percent in 2001. The gold hoarding tendency is well ingrained in Indian society.

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Domestic consumption is dictated by monsoon, harvest and marriage season. Indian jewellery off take is sensitive to price increases and even more so to volatility. In the cities gold is facing competition from the stock market and a wide range of consumer goods. Facilities for refining, assaying, making them into standard bars in India, as compared to the rest of the world, are insignificant, both qualitatively and quantitatively.

Major gold producing countries

South Africa United States Australia China Canada Russia Indonesia Peru Uzbekistan Papua New Guinea Ghana Brazil Chile Philippines Mali Mexico Argentina Kyrgyzstan

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Zimbabwe Colombia

Main features of Key Asian Gold Markets

Country Market status Loco London gold trading China Hong Kong India Indonesia Japan Korea. North Korea, South Malaysia Myanmar Philippines Singapore Taiwan Thailand Vietnam Restricted Free Restricted Free Free Restricted Restricted Free Restricted Restricted Free Restricted Restricted Restricted Import of gold bars Restricted Free Restricted Free Free Restricted Free Free Free Restricted Free Free Free Free

Gold conversion
To Convert Weight Multiply by
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Ounces troy to grammes Grammes to ounces troy Ounces avoirdupois to grammes Grammes to ounces avoirdupois Ounces troy to grains Grains to ounces troy Ounces troy to ounces avoirdupois Ounces avoirdupois to ounces troy Kilograms to ounces avoirdupois Kilograms to ounces troy Ounces troy to tolas Tolas to ounces troy Kilograms to tolas Ounces troy to taels Taels to ounces troy Kilograms to taels For example: 10 ounces troy = 311.035 grammes

31.1035 0.0321507 28.3495 0.035274 480 0.0020833 1.09714 0.911458 35.274 32.1507 2.6667 0.375 85.755 0.83 1.20337 26.7172

Market Moving Factors

Above ground supply from sales by central banks, reclaimed scrap and official gold loans Producer / miner hedging interest World macro-economic factors - US Dollar, Interest rate Comparative returns on stock markets Domestic demand based on monsoon and agricultural output
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The purity of gold articles is generally described in three ways

Percent % (Parts of Fineness(Parts of gold Karats(Parts of gold gold per 100) 100% 91.70% 75.00% 58.50% 41.60% per 1000) 999 Fine 917 Fine 750 Fine 583 Fine 416 Fine per 24) 24 Karats 22 Karats 18 Karats 14 Karats 10 Karats

Gold coated measures

Many gold-coated articles are also used as substitutes for solid karat gold. The thickness of the coatings are often expressed in millionths of an inch, or micro inches, and the table below provides a way to translate between these and other measurement units: 1 millionth inch (micro inch) = 0.0254 micron 1 thousandth inch (mil) = 25.4 microns 1 millionth meter (micron) = 39.37 micro inches 1 millimeter = 39.37 mils

FINE GOLD CONTENT

The minimum fineness is 995 parts per 1000 fine gold and gold said to be 1000 fine is marked down to 999.9 fine. The following fine gold contents of other bar weights are accepted by the London Bullion Market Association (LBMA). These bars are available at the spot Loco52

London price plus a premium which varies dependent on prevailing market conditions in different locations. Fine Gold Contents in Ounces Troy Gross Weight 1 Kilo 1/2 Kilo 100 Grams 50 Grams 10 Grams 5 Grams 10 Tolas 5Taels Bars of 995.0 31.99 15.995 3.199 1.6 0.321 0.161 3.731 5.987 Bars of 999.0 32.119 16.059 3.212 1.607 0.322 0.161 3.746 6.011 Bars of 999.9 32.148 16.074 3.215 1.608 0.322 0.161 3.75 6.017

COMMODITY TRADING
COMMODITY MARKET TRADING MECHANISM Every market transaction consists of three components i.e. trading, clearing and settlement. A brief overview of how transactions happen on the NCDEXs market. TRADING The trading system on the NCDEX provides a fully automated screen based trading for futures on commodities on a nationwide basis as well as online monitoring and surveillance mechanism. It supports an order driven market and provides complete transparency of trading operations. Order matching is essential on the basis of commodity, its price, time and quantity. All quantity fields are in units and price in
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rupees. The exchange specifies the unit of trading and the delivery unit for futures contracts on various commodities. The exchange notifies the regular lot size and tick size for each of the contracts traded from time to time. When any order enters the trading system, it is an active order. It tries to finds a match on the other side of the book. If it finds a match, a trade is generated. If it does not find a match, the order becomes passive and gets queued in the respective outstanding order book in the system. Time stamping is done for each trade and provides the possibility for a complete audit trail if required. NCDEX trades commodity futures contracts having one month, two month and three month expiry cycles. All contracts expire on the 20th of the expiry month. Thus a January expiration contract would expire on the 20th of January and a February expiry contract would cease trading on the 20th of February. If the 20th of the expiry month is a trading holiday, the contracts shall expire on the previous trading day. New contracts will be introduced on the trading day following the expiry of the near month contract.

CLEARING National Securities Clearing Corporation Limited (NSCCL) undertakes clearing of trades executed on the NCDEX. The settlement guarantee fund is maintained and managed by NCDEX. Only clearing members including professional clearing members (PCMs) only are entitled to clear and settle contracts through the clearing house. At NCDEX, after the trading hours on the expiry date, based on the available information, the matching for deliveries takes place firstly, on the basis of locations and then randomly, keeping in view the factors such as available capacity of the vault/warehouse, commodities already deposited and dematerialized and offered for delivery etc. Matching done by this
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process is binding on the clearing members. After completion of the matching process, clearing members are informed of the deliverable/ receivable positions and the unmatched positions. Unmatched positions have to be settled in cash. The cash settlement is only for the incremental gain/loss as determined on the basis of final settlement price. SETTLEMENT Futures contracts have two types of settlements, the MTM settlement which happens on a continuous basis at the end of each day, and the final settlement which happens on the last trading day of the futures contract. On the NCDEX, daily MTM settlement and the final MTM settlement in respect of admitted deals in futures contracts are cash settled by debiting/crediting the clearing accounts of CMs with the respective clearing bank. All positions of a CM, brought forward, created during the day or closed out during the day, are market to market at the daily settlement price or the final settlement price at the close of trading hours on a day. On the date of expiry, the final settlement price is the spot price on the expiry day. The responsibility of settlement is on a trading cum clearing member for all trades done on his own account and his clients trades. A professional clearing member is responsible for settling all the participants trades, which he has confirmed to the exchange. On the expiry date of a futures contract, members submit delivery information through delivery request window on the trader workstations provided by NCDEX for all open positions for a commodity for all constituents individually. NCDEX on receipt of such information matches the information and arrives at delivery position for a member for a commodity. The seller intending to make delivery takes the commodities

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to the designated warehouse. These commodities have to be assayed by the exchange specified assayer. The commodities have to meet the contract specifications with allowed variances. If the commodities meet the specifications, the warehouse accepts them. Warehouse then ensures that the receipts get updated in the depository system giving a credit in the depositors electronic account. The seller the gives the invoice to his clearing member, who would courier the same to the buyers clearing member. On an appointed date, the buyer goes to the warehouse and takes physical possession of the commodities.

Jewellery consumption
Top No. 1 2 3 4 5 6 7 8 Countries India United States EU China Saudi Arabia Egypt Turkey Italy 1998 622 379 414 228 186 135 142 108 1999 617 400 395 204 167 138 92 101 2000 600 409 374 184 169 128 126 92
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9 10 11 12 13 14 15 16 17 18 19 20

Indonesia United Kingdom Taiwan Korea Pakistan France Spain Mexico Thailand Russia Iran Japan

48 65 66 35 53 56 61 32 21 44 42 45

110 68 66 52 60 56 53 42 42 40 41 43

88 74 60 56 54 54 51 51 51 47 45 43

Gold Terminology
For the purpose of this standard, the following definitions shall apply:

Assaying: The method of accurate determination of the gold content of the sample expressed in parts per thousand (%). Carat: One-twenty fourth part by mass of the metallic element gold. Fineness: The ratio between the mass of gold content and the total mass expressed in parts per thousand (%). Find Gold: It is gold having fineness 999 parts per thousand (5) and above without any negative tolerance. Gold: The metallic element gold, free from any other element. Standard Gold: Gold having fineness 995 parts per thousand (%) and above without any negative tolerance.

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Grain: One of the earliest weight units used for measuring gold. One grain is equivalent to 0.0648 grams. Hallmark: Mark, or marks, which indicate the producer of a gold bar and its number, fineness, etc. Karat: Unit of fineness, scaled from one to 24. 24 karat gold (or pure gold) has at least 999 parts pure gold per thousand; 18-karat has 750, parts pure gold and 250 parts alloy, etc.

Kilo Bar: A bar weighing one kilogram approximately 32.1507 troy ounces. Legal Tender: The coin or currency which the national monetary authority declares to be universally acceptable as a medium of exchange; acceptable for instance in the discharge of debts.

Liquidity: The quality possessed by a financial instrument of being readily convertible into cash without significant loss of value.

Troy Ounce: A unit of weight, equal to about 1.1 avoirdupois (ordinary) ounces. The word ounce when applied to gold refers to a troy ounce. 1 troy ounce is equivalent to 31.1034768 grams.

Gold futures contract specification

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Commodity Futures Trading Cycle

NCDEX trades commodity futures contracts having one-month, two-month, three-month and more (not more than 12 months) expiry cycles. Most of the futures contracts (mainly agro commodities contract) expire on the 20th of the expiry month. Some contracts traded on the Exchange expire on the day other than 20th of the month. New contracts for most of the commodities on NCDEX are introduced on 10th of every month.

Order Types and Trading Parameters

An electronic trading system allows the trading members to enter orders with various conditions attached to them as per their requirements. These conditions are broadly divided into the following categories: Time conditions Price conditions Other conditions Several combinations of the above are possible thereby providing enormous flexibility to users. The order types and conditions are summarized below. Of these, the order types available on the NCDEX system are regular market order, limit order, stop loss order, immediate or cancel order, good till day order, good till cancelled order, good till date order and spread order.

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 Time conditions Good till day order: A day order, as the name suggests is an order which is valid for the day on which it is entered. If the order is not executed during the day, the system cancels the order automatically at the end of the day. Example: A trader wants to go long on February 1, 2010 in refined soy oil on the commodity exchange. A day order is placed at Rs.660/ 10 kg. If the market does not reach this price the order does not get filled even if the market touches Rs.661 and closes. In other words, day order is for a specific price and if the order does not get filled that day, one has to place the order again the next day. Good till cancelled (GTC): A GTC order remains in the system until the user cancels it. Consequently, it spans trading days, if not traded on the day the order is entered. The maximum number of days an order can remain in the system is notified by the Exchange from time to time after which the order is automatically cancelled by the system. Each day counted is a calendar day inclusive of holidays. The days counted are inclusive of the day on which the order is placed and the order is cancelled from the system at the end of the day of the expiry period. Example: A trader wants to go long on refined soy oil when the market touches Rs.650/ 10kg. Theoretically, the order exists until it is filled up, even if it takes months for it to happen. The GTC order on the NCDEX is cancelled at the end of a period of seven calendar days from the date of entering an order or when the contract expires, whichever is earlier. Good till date (GTD): A GTD order allows the user to specify the date till which the order should remain in the system if not executed. The maximum days allowed by the system are the same as in GTC order. At the end of this day/ date, the order is cancelled from the system. Each day/ date counted are inclusive of the day/ date on which the order

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is placed and the order is cancelled from the system at the end of the day/ date of the expiry period. Immediate or Cancel (IOC)/ Fill or kill order: An IOC order allows the user to buy or sell a contract as soon as the order is released into the system, failing which the order is cancelled from the system. Partial match is possible for the order, and the unmatched portion of the order is cancelled immediately. All or none order: All or none order (AON) is a limit order, which is to be executed in its entirety, or not at all.

Price condition Limit order: An order to buy or sell a stated amount of a commodity at a specified price, or at a better price, if obtainable at the time of execution. The disadvantage is that the order may not get filled at all if the price for that day does not reach the specified price. Stop-loss: A stop-loss order is an order, placed with the broker, to buy or sell a particular futures contract at the market price if and when the price reaches a specified level. Futures traders often use stop orders in an effort to limit the amount they might lose if the futures price moves against their position. Stop orders are not executed until the price reaches the specified point. When the price reaches that point the stop order becomes a market order. Most of the time, stop orders are used to exit a trade. But stop orders can be executed for buying/ selling positions too. A buy stop order is initiated when one wants to buy a contract or go long and a sell

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stop order when one wants to sell or go short. The order gets filled at the suggested stop order price or at a better price.

Other conditions

Market price: Market orders are orders for which no price is specified at the time the order is entered (i.e. price is market price). For such orders, the system determines the price. Only the position to be taken long/ short is stated. When this kind of order is placed, it gets executed irrespective of the current market price of that particular commodity. Trigger price: Price at which an order gets triggered from the stop-loss book.

Spread order: A simple spread order involves two positions, one long and one short. They are taken in the same commodity with different months (calendar spread) or in closely related commodities. Prices of the two futures contract therefore tend to go up and down together, and gains on one side of the spread are offset by losses on the other. The spreaders goal is to profit from a change in the difference between the two futures prices. The trader is virtually unconcerned whether the entire price structure moves up or down, just so long as the futures contract he bought goes up more (or down less) than the futures contract he sold. Margins for Trading In Futures
Margin is the deposit money that needs to be paid to buy or sell each contract. The margin required for a futures contract is better described as performance bond or 62

good faith money. The margin levels are set by the exchanges based on volatility (market conditions) and can be changed at any time. The margin requirements for most futures contracts range from 5% to15% of the value of the contract, with a minimum of 5%, except for Gold where the minimum margin is 4%.In the futures market; there are different types of margins that a trader has to maintain. We will discuss them in more details when we talk about risk management in the next chapter. At this stage we look at the types of margins as they apply on most futures exchanges.

Initial margin: The amount that must be deposited by a customer at the time of entering into a contract is called initial margin. This margin is meant to cover the potential loss in one day. The margin is a mandatory requirement for parties who are entering into the contract. The exchange levies initial margin on derivatives contracts using the concept of Value at Risk (VaR) or any other concept as the Exchange may decide periodically. The margin is charged so as to cover one-day loss that can be encountered on the position on 99.95% confidence-interval VaR methodology.

Exposure & Mark-to-Market Margin: Exposure margin is charged taking into consideration the back testing results of the VaR model. For all outstanding exposure in the market, the Exchange also collects mark-to-market margin which are positions restated at the daily settlement prices (DSP). At the end of each trading day, the margin account is adjusted to reflect the trader's gain or loss. This is known as marking to market the account of each trader. All futures contracts are settled daily reducing the credit exposure to one day's movement. Based on the settlement price, the value of all positions is markedto-market each day after the official close I.e. the account sare either debited or credited based on how well the positions fared in that day's trading session. If the
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account falls below the required margin level the clearing member needs to replenish the account by giving additional funds or closing positions either partially/ fully. On the other hand, if the position generates a gain, the funds can be withdrawn (those funds above the required initial margin) or can be used to fund additional trades.

Additional margin: In case of sudden higher than expected volatility, the Exchange calls for an additional margin, which is a preemptive move to prevent potential default. This is imposed when the Exchange/ regulator has view that that the markets have become too volatile and may result in some adverse situation to the integrity of the market/ Exchange.

Pre-expiry margin: This margin is charged as additional margin for most commodities expiring during the current/near month contract. It is charged on a cumulative basis from typically 3 to 5 days prior to the expiry date (including the expiry date). This is done to ensure that only interested parties remain in the market and speculators rollover their positions to subsequent months and ensure better convergence of the future sand spot market prices. Delivery Margin: This margin is charged only in the case of positions materializing into delivery. Members are informed about the delivery margin payable. Margins for delivery are to be paid the day following expiry of contract.

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 Special Margin: This margin is levied when there is more than 20% uni-directionalmovement in the price from a pre-determined base and is typically related to the underlying spot price. The base could be the closing price on the day of launch of the contract or the 90 days prior settlement price. This is mentioned in the respective contract specification. Some contracts also have an as-deemed-fit clause for levying of Special margins. It can also be levied by market regulator if market exhibits excess volatility. If required by the regulator, it has to be settled by cash. This is collected as extra margin over and above normal margin requirement. Margin for Calendar Spread positions: Calendar spread is defined as the purchase of one delivery month of a given futures contract and simultaneous sale of another delivery month of the same commodity by a client/ member. At NCDEX, for calendar spread positions, margins are imposed as one half of the initial margin (inclusive of the exposure margin). Such benefit will be given only of there is positive correlation in the prices of the months under consideration and the far month contracts are sufficiently liquid. No benefit of calendar spread is given in the case of additional and special margins. However, calendar spread positions in the far month contract are considered as naked position three days before expiry of near month contract. Gradual reduction of the spread position is done at the rate of 33.3% per day from 3 days prior to expiry. Just as a trader is required to maintain a margin account with a broker, a clearing house member is required to maintain collaterals/deposits with the clearing house against which the positions are allowed to be taken.

Charges

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Members are liable to pay transaction charges for the trade done through the Exchange during the previous month. The important provisions are listed below. The billing for the all trades done during the previous month will be raised in the succeeding month. Transaction charges: The transaction charges are payable at the rate of Rs. 4 perRs.100,000 worth of trade done. This rate is charged for average daily turnover of Rs. 20 crores. Reduced rate is charged for increase in daily turnover. This rate is subject to change from time to time. The average daily turnover is calculated by taking the total value traded by the member in a month and dividing it by number of trading days in the month including Saturdays. Due date: The transaction charges are payable on the 10th day of every month in respect of the trade done in the previous month.3. Collection: Members keep the Exchange Dues Account opened with the respective Clearing Banks for meeting the commitment on account of transaction charges. Adjustment against advances transaction charges: In terms of the regulations, member sare required to remit Rs.50,000 as advance transaction charges on registration. The transaction charges due first will be adjusted against the advance transaction charges already paid as advance and members need to pay transaction charges only after exhausting the balance lying in advance transaction. Penalty for delayed payments: If the transaction charges are not paid on or before the due date, a penal interest is levied as specified by the Exchange. Finally, the futures market is a zero sum game i.e. the total number of long in any contract always equals the total number of short in any contract. The total number of outstanding contracts (long/ short) at any point

66

in time is called the 'Open interest'. This Open interest figure is a good indicator of the liquidity in every contract. Based on studies carried out in international Exchanges, it is found that open interest is maximum in near month expiry contracts.

GOLD CONTRACTS
In India we have 4 types of gold contracts available in mcx. Gold- 1000 grams Goldmini- 100 grams Goldhni- 1000 grams Goldguinea- 8 grams Gold 1000 grams: It is a thousand grams lot available in mcx and big investor can invest in this gold lots. Goldmini 100 grams: The medium investor can invest in goldmine and the lot size is 100 grams. Goldhni 1000 grams: It is a 1000 grams lot available in mcx so, here who has registered as a HNI in mcx he will take the gold HNI contracts at a time, number of contracts like it called as bulk deals.

67

Goldguinea 8 grams: It is especially for small investors the lot size is 8 grams.

TRADING OF GOLD-(1000grams) For the Month of May

Date 6-May11 7-May11 9-May11 10-May11 11-May11 12-May-

Closing selling Price (Rs)

22773 22872 23004 23160 22927 22943

68

11 13-May11 14-May11 16-May11 17-May11 18-May11 19-May11 20-May11 21-May11 23-May11 24-May11 25-May-

22905 22956 22882 22694 22858 22766 22970 22959 23056 23144 23287
69

11 26-May11 27-May11 28-May11 30-May11 31-May11

23207 23346 23370 23335 23290

TRADING OF GOLD-(1000grams) For the Month of June

Date 1-Jun11 2-Jun11 3-Jun11

Closing selling Price (Rs)

23365 23082 23238

70

4-Jun11 6-Jun11 7-Jun11 8-Jun11 9-Jun11 10-Jun11 11-Jun11 13-Jun11 14-Jun11 15-Jun11 16-Jun-

23242 23327 23197 23143 23225 23107 23120 22953 22932 23012 23068
71

11 17-Jun11 18-Jun11 20-Jun11 21-Jun11 22-Jun11 23-Jun11 24-Jun11 25-Jun11 27-Jun11 28-Jun11 29-Jun-

23185 23208 23236 23247 23326 23002 22746 22806 22696 22729 22748
72

11 30-Jun11

22510

TRADING OF GOLD-(1000grams) For The Month Of July

Date 1-Jul11 2-Jul11 4-Jul11 5-Jul11 6-Jul11

Closing selling Price (Rs)

22234 22293 22343 22519 22810

73

GRAPH ON GOLD
The below graph shows daily closing prices of the gold

INTERPRETATION
From the above graph we can observe that the price of GOLD 1000grams is facing lot of fluctuations. Its price on 6th may was 22773 and 28th may it has reached highest price to 23370. Later it has decreased
74

to 22810. This is due to Indian gold prices are correlated with international prices. However, the fluctuations in the INR-US Dollar impact domestic gold prices and have to be closely followed. Supply demand is a major influencer, amid rising global investor demand and almost stable supplies. Nearly Rs 500 was gone up in the yellow m e t a l m a r k e t a n d a l s o b y s e e i n g c h a r t o f p r e s e n t t r a d i n g c o n t r a c t w e c a n predict the market was in bullish side rather than bearish.

GOLD GUINEA 8GRAMS

Date 6-May-11 7-May-11 9-May-11 10-May-11 11-May-11 12-May-11 13-May-11 14-May-11 16-May-11 17-May-11 18-May-11 19-May-11 20-May-11 21-May-11 23-May-11 24-May-11 25-May-11

Close(RS) 17702 17739 17862 17965 17779 17857 17781 17797 17804 17705 17717 17694 17732 17749 17974 18038 18140
75

26-May-11 27-May-11 28-May-11 30-May-11 31-May-11 1-Jun-11 2-Jun-11 3-Jun-11 4-Jun-11 6-Jun-11 7-Jun-11 8-Jun-11 9-Jun-11 10-Jun-11 11-Jun-11 13-Jun-11 14-Jun-11 15-Jun-11 16-Jun-11 17-Jun-11 18-Jun-11 20-Jun-11 21-Jun-11 22-Jun-11 23-Jun-11 24-Jun-11 25-Jun-11

18040 18111 18113 18107 18242 18103 18008 18043 18045 18066 18010 17955 17985 17945 17953 17874 17826 17877 17924 17974 17990 18009 18010 18046 17843 17660 17663
76

27-Jun-11 28-Jun-11 29-Jun-11 30-Jun-11 1-Jul-11 2-Jul-11 4-Jul-11 5-Jul-11 6-Jul-11

17536 17556 17759 17586 17363 17410 17444 17778 17750

GRAPH ON GOLD GUINEA

The below graph shows daily closing prices of the gold guinea

77

INTERPRETATION
As shown in the graph we can observe that the price of GOLD GUINEA is facing lot of fluctuations. Its price on 6th may was 17702 and 31st may it has reached highest price to18242. Later it has decreased to 17750. This is due to the global prices are driven by a host of factors with macroeconomic factors like strength of the economy, rising importance of emerging markets, currency movements, interest rates.

GOLD MINI-100 GRAMS

Date 6-May-11 7-May-11 9-May-11 10-May11 11-May11 12-May11 13-May11 14-May11

Closing selling price(Rs)

21864 21889 22011 22156 21926 22063 21924 21967

78

16-May11 17-May11 18-May11 19-May11 20-May11 21-May11 23-May11 24-May11 25-May11 26-May11 27-May-

21973 21831 21985 21893 22169 22172 22304 22386 22505 22384 22517
79

11 28-May11 30-May11 31-May11 1-Jun-11 2-Jun-11 3-Jun-11 4-Jun-11 6-Jun-11 7-Jun-11 8-Jun-11 9-Jun-11 10-Jun-11 11-Jun-11 13-Jun-11 14-Jun-11 15-Jun-11 16-Jun-11 17-Jun-11 18-Jun-11 20-Jun-11 21-Jun-11

22521 22624 22562 22635 22461 22527 22523 22556 22494 22400 22457 22394 22419 22235 22215 22264 22346 22436 22465 22493 22502
80

22-Jun-11 23-Jun-11 24-Jun-11 25-Jun-11 27-Jun-11 28-Jun-11 29-Jun-11 30-Jun-11 1-Jul-11 2-Jul-11 4-Jul-11 5-Jul-11 6-Jul-11

22569 22259 22014 22051 21928 21945 22150 21914 21642 21709 21753 22201 22164

GRAPH ON GOLD MINI

The below graph shows daily closing prices of gold mini

81

INTERPRETATION
We can observe that the price of GOLD MINI is facing lot of fluctuations as shown in the graph. Its price on 6th may was 21864 and 1st June it has reached highest price to 22635. Later it has decreased to 22164. Due to gold leads the economy, investment in gold is influenced by comparative returns from other markets like the stock markets, real-estate other commodities like crude oil.

82

GOLD HNI-1000 GRAMS

Date 6-May-11 7-May-11 9-May-11 10-May-11 11-May-11 12-May-11 13-May-11 14-May-11 16-May-11 17-May-11 18-May-11 19-May-11 20-May-11 21-May-11 23-May-11 24-May-11 25-May-11 26-May-11 27-May-11 28-May-11 30-May-11 31-May-11 1-Jun-11

Close(Rs) 22340 22340 22340 22340 22340 22340 22340 22340 22369 22369 22646 22646 22646 22646 22646 22646 22646 22646 22646 22820 23171 23171 23171
83

2-Jun-11 3-Jun-11 4-Jun-11 6-Jun-11 7-Jun-11 8-Jun-11 9-Jun-11 10-Jun-11 11-Jun-11 13-Jun-11 14-Jun-11 15-Jun-11 16-Jun-11 17-Jun-11 18-Jun-11 20-Jun-11 21-Jun-11 22-Jun-11 23-Jun-11 24-Jun-11 25-Jun-11 27-Jun-11 28-Jun-11 29-Jun-11 30-Jun-11 1-Jul-11 2-Jul-11

23171 23171 23171 23171 23171 23171 23171 23171 22699 22699 22699 22742 22742 22991 23033 23062 23071 23175 22942 22942 22942 22477 22560 22503 22503 22503 22134
84

4-Jul-11 5-Jul-11 6-Jul-11

22134 22134 22616

GRAPH ON GOLD HNI

The below graph shows daily closing prices of the gold hni

85

INTERPRETATION
In the above graph we can observe that the price of GOLD HNI is facing lot of fluctuations. Its price on 6th may was 22340 and 22nd June it has reached highest price to 23175. Later it has decreased to 22616. Due to supply-demand is a major influencer, amid rising global investor demand and almost stable supplies. Shifts in official gold reserves, reports of sales/purchases by central banks act as major price influencing factors, whenever such reports surface .

Table Showing Gold Trading in NSE-2010

Date Quantity Value in

86

31-Dec-10 30-Dec-10 29-Dec-10 28-Dec-10 27-Dec-10 24-Dec-10 23-Dec-10 22-Dec-10 21-Dec-10 20-Dec-10 16-Dec-10 15-Dec-10 14-Dec-10 13-Dec-10 10-Dec-10 9-Dec-10 8-Dec-10 7-Dec-10 6-Dec-10 3-Dec-10 2-Dec-10 1-Dec-10 30-Nov-10 29-Nov-10 26-Nov-10 25-Nov-10 24-Nov-10 23-Nov-10 22-Nov-10 19-Nov-10 18-Nov-10 16-Nov-10 15-Nov-10 12-Nov-10 11-Nov-10 10-Nov-10 9-Nov-10 8-Nov-10 5-Nov-10 4-Nov-10 3-Nov-10 2-Nov-10 1-Nov-10 29-Oct-10 28-Oct-10 27-Oct-10 26-Oct-10

(1000grams) 2009900 2018000 2013400 1999800 2003100 1994300 1986600 1995600 1997850 2000500 1999050 1997900 2011100 1999650 1997550 1996250 2004600 2027400 2023350 2001450 1998450 1997300 1990250 1992950 1995450 1993850 1999950 1983400 1966550 1964850 1961300 1962750 1960950 1969750 1988250 1985050 1982750 1958850 1948700 1930000 1927650 1928100 1936200 1895050 1886800 1894000 1895550

Rs 10788400 5388200 6558100 9545000 5025400 6380000 8077000 5812600 6364800 5462800 6489900 8638000 4540700 6339400 4719600 7061800 13351100 8366200 13777400 5018000 8904600 19948400 12884600 12899400 6816600 8160800 7988700 8537400 8629100 9405800 5005000 6235400 10433200 8610900 9894600 10222200 13064300 12772700 10308200 17168800 25525200 8026000 17774400 14912800 9308600 6213100 8066000

87

25-Oct-10 22-Oct-10 21-Oct-10 20-Oct-10 19-Oct-10 18-Oct-10 15-Oct-10 14-Oct-10 13-Oct-10 12-Oct-10 11-Oct-10 8-Oct-10 7-Oct-10 6-Oct-10 5-Oct-10 4-Oct-10 1-Oct-10 30-Sep-10 29-Sep-10 28-Sep-10 27-Sep-10 24-Sep-10 23-Sep-10 22-Sep-10 21-Sep-10 20-Sep-10 17-Sep-10 16-Sep-10 15-Sep-10 14-Sep-10 13-Sep-10 9-Sep-10 8-Sep-10 7-Sep-10 6-Sep-10 3-Sep-10 2-Sep-10 1-Sep-10 31-Aug-10 30-Aug-10 27-Aug-10 26-Aug-10 25-Aug-10 24-Aug-10 23-Aug-10 20-Aug-10 19-Aug-10 18-Aug-10

1909050 1894100 1917650 1901150 1938450 1920900 1934350 1947500 1930250 1918200 1913200 1887050 1918600 1910050 1891700 1874450 1872950 1880650 1882350 1862150 1871600 1876250 1877500 1871200 1870450 1869300 1877800 1877000 1884250 1861400 1844000 1866300 1878700 1866750 1858700 1868900 1865800 1874350 1857350 1854450 1854050 1855150 1854950 1830000 1832850 1835700 1829600 1825450

12758300 19499900 18271800 29096800 8511000 19308000 20425100 27164000 11817700 22812400 12835800 19139000 17841200 13942200 16321900 7612900 9354500 8856200 9887200 12117500 8445200 5551000 5645400 23176100 7140000 11713300 7484600 9040200 11290800 9091700 17976900 7232300 7374300 5988800 9239600 9008800 13025500 14631800 10176500 12925600 18849300 7429800 10984500 9881500 7907600 5741400 3500000 6978700

88

17-Aug-10 16-Aug-10 13-Aug-10 12-Aug-10 11-Aug-10 10-Aug-10 9-Aug-10 6-Aug-10 5-Aug-10 4-Aug-10 3-Aug-10 2-Aug-10 30-Jul-10 29-Jul-10 28-Jul-10 27-Jul-10 26-Jul-10 23-Jul-10 22-Jul-10 21-Jul-10 20-Jul-10 19-Jul-10 16-Jul-10 15-Jul-10 14-Jul-10 13-Jul-10 12-Jul-10 9-Jul-10 8-Jul-10 7-Jul-10 6-Jul-10 5-Jul-10 2-Jul-10 1-Jul-10 30-Jun-10 29-Jun-10 28-Jun-10 25-Jun-10 24-Jun-10 23-Jun-10 22-Jun-10 21-Jun-10 18-Jun-10 17-Jun-10 16-Jun-10 15-Jun-10 14-Jun-10 11-Jun-10

1830650 1831600 1817300 1800950 1788350 1778000 1783100 1766000 1771750 1770700 1754750 1751300 1753000 1748900 1742650 1774000 1791750 1804050 1794900 1802100 1789350 1796700 1807550 1814700 1814050 1809650 1807300 1794250 1809250 1797550 1818250 1816550 1810750 1855550 1853100 1844000 1854250 1850200 1832100 1842500 1827400 1844450 1841500 1833600 1840200 1826500 1835000 1832550

4752800 7820500 7046000 9619600 7414700 4122100 8605400 8196000 8098700 9114800 11058100 15041500 10395200 11816300 23070500 12351200 10787700 5273100 5046800 2592800 11643600 8728200 6601700 5879200 6927500 16665400 3914200 8516800 5710400 11388100 7060200 7245300 22960600 7097000 5243800 8642400 3945100 4650300 4354900 5038000 15374000 37985200 17151500 4427100 15829600 8883500 9075200 8136900

89

10-Jun-10 9-Jun-10 8-Jun-10 7-Jun-10 4-Jun-10 3-Jun-10 2-Jun-10 1-Jun-10 31-May-10 28-May-10 27-May-10 26-May-10 25-May-10 24-May-10 21-May-10 20-May-10 19-May-10 18-May-10 17-May-10 16-May-10 14-May-10 13-May-10 12-May-10 11-May-10 10-May-10 7-May-10 6-May-10 5-May-10 4-May-10 3-May-10 30-Apr-10 29-Apr-10 28-Apr-10 27-Apr-10 26-Apr-10 23-Apr-10 22-Apr-10 21-Apr-10 20-Apr-10 19-Apr-10 16-Apr-10 15-Apr-10 13-Apr-10 12-Apr-10 9-Apr-10 8-Apr-10 7-Apr-10 6-Apr-10

1838450 1859850 1878900 1836100 1799400 1814200 1830150 1834800 1797300 1794850 1810200 1823700 1797600 1771700 1768750 1768650 1785500 1765050 1791150 1800600 1795700 1777600 1786550 1743350 1708200 1740850 1700150 1682900 1689100 1682800 1671200 1669400 1661400 1644910 1648250 1632320 1639730 1636820 1636030 1621240 1651940 1648920 1648910 1658240 1649450 1642990 1626270 1612970

7587700 7992500 16916800 8991100 6695100 8520600 6822000 14468200 8034000 10898500 6728100 13618700 12231900 4081000 9461600 9692500 12614800 6408200 10831500 87391700 11712500 8042200 17644400 8751800 11996200 20147100 7676300 4352500 4275200 4252400 2028100 4162300 6029700 3808700 3389700 2407600 2476600 2575100 3408900 9632900 3191100 2845100 5015500 5127000 3587200 7226000 4893700 4905200

90

5-Apr-10 1-Apr-10 31-Mar-10 30-Mar-10 29-Mar-10 26-Mar-10 25-Mar-10 23-Mar-10 22-Mar-10 19-Mar-10 18-Mar-10 17-Mar-10 16-Mar-10 15-Mar-10 12-Mar-10 11-Mar-10 10-Mar-10 9-Mar-10 8-Mar-10 5-Mar-10 4-Mar-10 3-Mar-10 2-Mar-10 26-Feb-10 25-Feb-10 24-Feb-10 23-Feb-10 22-Feb-10 19-Feb-10 18-Feb-10 17-Feb-10 16-Feb-10 15-Feb-10 11-Feb-10 10-Feb-10 9-Feb-10 8-Feb-10 6-Feb-10 5-Feb-10 4-Feb-10 3-Feb-10 2-Feb-10 1-Feb-10 29-Jan-10 28-Jan-10 27-Jan-10 25-Jan-10 22-Jan-10

1618430 1615340 1608230 1612220 1613670 1603720 1605860 1620280 1620270 1644090 1642930 1648400 1636090 1623400 1637410 1627970 1646040 1644080 1664420 1671420 1679460 1677660 1656400 1650640 1623010 1620480 1639370 1650600 1638620 1631780 1648160 1646050 1630800 1607340 1606890 1599310 1607080 1605310 1577410 1634130 1652470 1642650 1609480 1607390 1617160 1625520 1630130 1623140

4704800 2472000 3661700 3533900 4394900 5742700 9503700 3109200 9097200 7994800 2239700 3388400 5932500 5160600 4964500 5947000 4559500 3396600 4268400 3320300 5126100 6004900 3118500 4510900 3737400 4727500 1898200 4120600 3430400 3836200 3475000 3775400 3964600 10988300 2196200 5870700 4289700 1376500 21726600 7454700 4352500 8650200 8457600 7540100 9090500 7675800 4613100 12154100

91

21-Jan-10 20-Jan-10 19-Jan-10 18-Jan-10 15-Jan-10 14-Jan-10 13-Jan-10 12-Jan-10 11-Jan-10 8-Jan-10 7-Jan-10 6-Jan-10 5-Jan-10 4-Jan-10

1635650 1663100 1664900 1660280 1663050 1661510 1655650 1679980 1679820 1650620 1659070 1660410 1669320 1653880

11266500 5150100 4810800 5082800 3944400 3740600 6831100 5054600 6747700 7167400 6345800 8679700 8949800 6528700

Table Showing Gold Trading in NSE-2011

Date 1-Dec-11 30-Nov-11 29-Nov-11 28-Nov-11 25-Nov-11 Quantity(1000 grams) 2796650 2766700 2762250 2763450 2726750 Value In Rs 36427200 22411000 16505200 26861800 27848200 92

24-Nov-11 23-Nov-11 22-Nov-11 21-Nov-11 18-Nov-11 17-Nov-11 16-Nov-11 15-Nov-11 14-Nov-11 11-Nov-11 9-Nov-11 8-Nov-11 4-Nov-11 3-Nov-11 2-Nov-11 1-Nov-11 31-Oct-11 28-Oct-11 26-Oct-11 25-Oct-11 24-Oct-11 21-Oct-11 20-Oct-11 19-Oct-11 18-Oct-11 17-Oct-11 14-Oct-11 13-Oct-11 12-Oct-11 11-Oct-11 10-Oct-11 7-Oct-11 5-Oct-11 4-Oct-11 3-Oct-11 30-Sep-11 29-Sep-11 28-Sep-11 27-Sep-11 26-Sep-11 23-Sep-11 22-Sep-11 21-Sep-11 20-Sep-11 19-Sep-11 16-Sep-11 15-Sep-11 14-Sep-11

2748850 2739250 2750900 2749000 2745500 2783850 2795100 2767500 2774350 2742400 2758150 2746900 2685350 2664900 2654050 2616250 2599450 2627800 2619150 2577350 2584800 2538000 2529350 2545650 2556050 2569050 2566500 2563750 2575550 2554800 2543450 2535100 2487500 2575050 2563350 2520600 2490200 2534300 2570250 2504000 2668650 2704300 2717500 2695150 2711600 2639750 2694850 2724900

24142900 28933000 30108300 41218000 22696800 19113300 45772500 31790700 43847900 43070300 40880200 57505100 33863200 21495800 40680300 29423000 30889600 49568300 53045400 25208100 3.66E+08 26376000 56650500 24136200 18289900 28743300 13140800 16974300 21545100 28400200 27932800 31183200 67411800 48261200 60197000 38571000 57476900 50117500 76879900 2.01E+08 61020600 58522900 36341600 62366900 54580300 64173700 24869200 45274000

93

13-Sep-11 12-Sep-11 9-Sep-11 8-Sep-11 7-Sep-11 6-Sep-11 5-Sep-11 2-Sep-11 30-Aug-11 29-Aug-11 26-Aug-11 25-Aug-11 24-Aug-11 23-Aug-11 22-Aug-11 19-Aug-11 18-Aug-11 17-Aug-11 16-Aug-11 12-Aug-11 11-Aug-11 10-Aug-11 9-Aug-11 8-Aug-11 5-Aug-11 4-Aug-11 3-Aug-11 2-Aug-11 1-Aug-11 29-Jul-11 28-Jul-11 27-Jul-11 26-Jul-11 25-Jul-11 22-Jul-11 21-Jul-11 20-Jul-11 19-Jul-11 18-Jul-11 15-Jul-11 14-Jul-11 13-Jul-11 12-Jul-11 11-Jul-11 8-Jul-11 7-Jul-11 6-Jul-11 5-Jul-11

2690250 2706500 2713450 2634550 2642550 2706950 2726750 2668150 2591650 2621150 2586700 2512850 2661200 2698050 2702000 2696650 2586100 2568300 2534150 2512050 2553450 2492900 2518100 2417650 2325200 2315200 2306700 2250600 2234750 2231150 2230750 2234650 2230000 2248900 2209300 2228450 2218100 2245900 2246250 2210950 2227650 2201900 2178900 2167850 2140700 2146550 2130650 2105150

31155600 47570100 51859300 47037900 90313200 93296300 72766600 50582700 52498100 51417700 67160100 1.39E+08 72424300 94438600 1.1E+08 97472000 46772800 46547100 38006300 54904400 50282600 39338200 94692800 77031100 62645100 25192600 46158100 20574500 17854400 23899500 23290800 23164500 20162400 25850100 22082400 21896700 25897600 23764100 20145500 12191300 18801100 18233000 11304600 9759500 6901900 11175300 13871300 8880900

94

4-Jul-11 1-Jul-11 30-Jun-11 29-Jun-11 28-Jun-11 27-Jun-11 24-Jun-11 23-Jun-11 22-Jun-11 21-Jun-11 20-Jun-11 17-Jun-11 16-Jun-11 15-Jun-11 14-Jun-11 13-Jun-11 10-Jun-11 9-Jun-11 8-Jun-11 7-Jun-11 6-Jun-11 3-Jun-11 2-Jun-11 1-Jun-11 31-May-11 30-May-11 27-May-11 26-May-11 25-May-11 24-May-11 23-May-11 20-May-11 19-May-11 18-May-11 17-May-11 16-May-11 13-May-11 12-May-11 11-May-11 10-May-11 9-May-11 6-May-11 5-May-11 4-May-11 3-May-11 2-May-11 29-Apr-11 28-Apr-11

2100900 2105000 2133750 2142300 2138800 2141450 2163200 2184700 2190150 2189300 2184950 2160950 2159900 2143400 2151250 2162850 2182750 2174200 2171800 2189050 2185600 2175400 2191650 2173400 2190450 2181450 2178000 2173800 2183150 2170750 2160300 2136500 2125000 2130200 2134850 2133950 2151600 2121750 2156800 2148400 2137150 2156100 2141200 2164200 2178800 2192700 2156600 2157750

15807500 23799000 11065500 7120300 11506200 20088100 15233300 6962000 7957000 7014400 19983000 4766300 6823500 12658700 7717100 15495000 3772300 5912700 10612300 5566300 4777300 6267100 6510700 9492200 7429000 5835400 4130100 5237200 9585900 8703400 9917300 5742700 8430100 10259800 4483600 9801200 14035000 20174100 15997500 11050000 14755600 2.4E+08 79440000 20983600 18573000 30234700 16163900 14958900

95

27-Apr-11 26-Apr-11 25-Apr-11 21-Apr-11 20-Apr-11 19-Apr-11 18-Apr-11 15-Apr-11 13-Apr-11 11-Apr-11 8-Apr-11 7-Apr-11 6-Apr-11 5-Apr-11 4-Apr-11 1-Apr-11 31-Mar-11 30-Mar-11 29-Mar-11 28-Mar-11 25-Mar-11 24-Mar-11 23-Mar-11 22-Mar-11 21-Mar-11 18-Mar-11 17-Mar-11 16-Mar-11 15-Mar-11 14-Mar-11 11-Mar-11 10-Mar-11 9-Mar-11 8-Mar-11 7-Mar-11 4-Mar-11 3-Mar-11 1-Mar-11 28-Feb-11 25-Feb-11 24-Feb-11 23-Feb-11 22-Feb-11 21-Feb-11 18-Feb-11 17-Feb-11 16-Feb-11 15-Feb-11

2124200 2121700 2142200 2114400 2113600 2110350 2088300 2077950 2059100 2067450 2057850 2042850 2045350 2022850 2023850 2029400 2024300 2015950 2009100 2024200 2033300 2046700 2039500 2041700 2038450 2023850 1999150 2006950 2023850 2034150 2030050 2043700 2041650 2043250 2054200 2027650 2041600 2024750 2019700 2019100 2032000 2005600 2003700 1999200 1995650 1989350 1984600 1977600

9996600 20064000 30817600 16128700 12997400 10032200 8807100 9337600 7492000 9421300 5740000 6072800 10416800 7588500 10022500 4598600 4747800 6346400 11070300 17611500 10336400 7764800 5432600 6596900 4970400 7393200 9234600 10336100 6497300 7299500 8574500 3791200 4338100 9098500 10919100 7935400 10292100 4075000 9888800 5405200 8848100 3802000 7645100 6361200 2633100 7578800 2240000 3252900

96

14-Feb-11 11-Feb-11 10-Feb-11 9-Feb-11 8-Feb-11 7-Feb-11 4-Feb-11 3-Feb-11 2-Feb-11 1-Feb-11 31-Jan-11 28-Jan-11 27-Jan-11 25-Jan-11 24-Jan-11 21-Jan-11 20-Jan-11 19-Jan-11 18-Jan-11 17-Jan-11 14-Jan-11 13-Jan-11 12-Jan-11 11-Jan-11 10-Jan-11 7-Jan-11 6-Jan-11 5-Jan-11 4-Jan-11 3-Jan-11

1965950 1965950 1970600 1964750 1958400 1953000 1958050 1930100 1942100 1947450 1956300 1920150 1947200 1930950 1961400 1956850 1978900 1973150 1977850 1968250 1975650 1984650 1982600 1977150 1973900 1967200 1981400 1992350 2013400 2021150

4098100 4580300 5354600 8023000 3751900 8338900 5501300 5172900 4200200 4916200 26577500 16323700 9790600 12163400 10553900 12444900 3829900 3194000 4264600 6503800 5717000 4272700 4245200 8197400 8658700 8997900 10617400 13295400 7193900 7992400

Table Showing Gold Trading in BSE-2010

Date 4-Jan-10 5-Jan-10 6-Jan-10 7-Jan-10 8-Jan-10 11-Jan-10 12-Jan-10 13-Jan-10 14-Jan-10 15-Jan-10 Quantity (1000grams) 1653860 1668200 1659350 1659200 1651020 1680000 1680120 1656090 1661340 1662750 Value in Rs. 16936681 18899682 14898879 14608954 8616059 7645568 4841455 14538993 7319099 12068308

97

18-Jan-10 19-Jan-10 20-Jan-10 21-Jan-10 22-Jan-10 25-Jan-10 27-Jan-10 28-Jan-10 29-Jan-10 1-Feb-10 2-Feb-10 3-Feb-10 4-Feb-10 5-Feb-10 6-Feb-10 8-Feb-10 9-Feb-10 10-Feb-10 11-Feb-10 15-Feb-10 16-Feb-10 17-Feb-10 18-Feb-10 19-Feb-10 22-Feb-10 23-Feb-10 24-Feb-10 25-Feb-10 26-Feb-10 2-Mar-10 3-Mar-10 4-Mar-10 5-Mar-10 8-Mar-10 9-Mar-10 10-Mar-10 11-Mar-10 12-Mar-10 15-Mar-10 16-Mar-10 17-Mar-10 18-Mar-10 19-Mar-10 22-Mar-10 23-Mar-10 25-Mar-10 26-Mar-10 29-Mar-10

1661020 1664600 1663410 1635430 1623420 1630080 1624250 1617190 1607460 1609900 1642960 1652380 1634810 1576500 1604270 1606250 1599720 1606090 1605930 1627880 1644980 1649070 1632680 1637990 1650010 1639650 1619910 1620880 1652210 1655150 1677060 1678620 1671480 1664260 1644010 1646530 1628820 1637290 1623960 1635350 1648240 1642980 1645140 1620450 1619960 1605120 1603640 1612790

5451033 3517847 4232446 14532020 13247647 5092153 8232102 11462745 9418152 11594782 4449729 4662773 5870920 45003739 2790471 7142296 10707919 5391501 6186538 8996571 5241160 3747032 6066523 7304157 5708520 1807317 5921612 3883824 4181448 3332577 8397787 4258460 7914616 6589470 7822092 5448207 9772033 4785606 10959979 10292497 2690419 2472442 3199472 10536241 4118729 21646417 14624920 4712571

98

30-Mar-10 31-Mar-10 1-Apr-10 5-Apr-10 6-Apr-10 7-Apr-10 8-Apr-10 9-Apr-10 12-Apr-10 13-Apr-10 15-Apr-10 16-Apr-10 19-Apr-10 20-Apr-10 21-Apr-10 22-Apr-10 23-Apr-10 26-Apr-10 27-Apr-10 28-Apr-10 29-Apr-10 30-Apr-10 3-May-10 4-May-10 5-May-10 6-May-10 7-May-10 10-May-10 11-May-10 12-May-10 13-May-10 14-May-10 16-May-10 17-May-10 18-May-10 19-May-10 20-May-10 21-May-10 24-May-10 25-May-10 26-May-10 27-May-10 28-May-10 31-May-10 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10

1612890 1608020 1615390 1617140 1612560 1625930 1643740 1648840 1658230 1648180 1647950 1648690 1621020 1636310 1635370 1640400 1631680 1648530 1644760 1661650 1668850 1671150 1682620 1687840 1681200 1699760 1740180 1708300 1745110 1785380 1777380 1796220 1801760 1791520 1765900 1785870 1767480 1769070 1771250 1797720 1823440 1809460 1794350 1797690 1832780 1828000 1813650 1799780

3900358 10697584 3946284 3863071 8175117 3435464 6660409 4641061 5618884 3033165 3806496 3045561 9302004 3295754 2206768 5279681 2854781 3218882 2919147 11989369 6179966 4211068 4969313 10253304 7998828 13668728 25974324 16147660 14441946 18438647 13063588 27194370 1.45E+08 23872032 9386226 15817172 8608800 7655331 5927522 16968926 24797692 11766255 11139096 4023315 16608590 22638513 11592530 13004923

99

7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10 28-Jun-10 29-Jun-10 30-Jun-10 1-Jul-10 2-Jul-10 5-Jul-10 6-Jul-10 7-Jul-10 8-Jul-10 9-Jul-10 12-Jul-10 13-Jul-10 14-Jul-10 15-Jul-10 16-Jul-10 19-Jul-10 20-Jul-10 21-Jul-10 22-Jul-10 23-Jul-10 26-Jul-10 27-Jul-10 28-Jul-10 29-Jul-10 30-Jul-10 2-Aug-10 3-Aug-10 4-Aug-10 5-Aug-10 6-Aug-10 9-Aug-10 10-Aug-10 11-Aug-10

1834680 1878980 1860260 1838860 1831480 1834620 1826860 1838990 1833590 1839620 1843220 1827040 1842060 1829550 1849900 1854170 1843950 1853150 1854090 1810930 1816730 1816840 1797270 1809780 1794430 1808140 1810000 1813530 1815300 1807320 1797020 1788750 1801590 1794470 1804210 1791870 1773960 1743180 1748250 1751620 1751880 1754210 1770430 1771230 1765390 1783290 1777670 1787650

14320075 25794224 19607549 11373285 7620834 18161265 16358937 5573132 6422051 42683895 12344291 10709164 6003495 8723140 5197837 6592401 7008018 5882770 11051047 43738247 12840438 9081853 19798467 6536703 16742891 5568912 11176647 5306359 8506915 10158115 21077001 13835248 2695417 11110205 10208226 15184541 22992696 63606103 32738879 18836475 21221567 9527403 22987823 18081157 14377163 9502125 7756587 5831037

100

12-Aug-10 13-Aug-10 16-Aug-10 17-Aug-10 18-Aug-10 19-Aug-10 20-Aug-10 23-Aug-10 24-Aug-10 25-Aug-10 26-Aug-10 27-Aug-10 30-Aug-10 31-Aug-10 1-Sep-10 2-Sep-10 3-Sep-10 6-Sep-10 7-Sep-10 8-Sep-10 9-Sep-10 13-Sep-10 14-Sep-10 15-Sep-10 16-Sep-10 17-Sep-10 20-Sep-10 21-Sep-10 22-Sep-10 23-Sep-10 24-Sep-10 27-Sep-10 28-Sep-10 29-Sep-10 30-Sep-10 1-Oct-10 4-Oct-10 5-Oct-10 6-Oct-10 7-Oct-10 8-Oct-10 11-Oct-10 12-Oct-10 13-Oct-10 14-Oct-10 15-Oct-10 18-Oct-10 19-Oct-10

1799560 1816510 1830700 1830380 1824120 1830280 1835330 1832140 1829730 1854460 1855410 1853860 1854400 1857330 1874420 1866040 1868940 1858650 1866340 1879670 1865570 1843510 1861600 1884670 1875760 1878510 1868820 1868550 1872460 1877270 1875810 1871300 1861570 1881970 1880460 1873550 1875020 1892120 1910340 1918050 1885510 1912580 1918280 1930240 1948570 1934920 1921850 1937430

11012051 9643651 12237363 9810569 9259321 6148670 7085400 5810281 6838792 8743697 14795486 15004473 32999312 15431231 40478008 46290893 16043262 29108242 10982191 12382059 20319199 38019261 13915665 32363322 16257614 13391996 28161058 19946917 25063000 8068425 12580453 22893137 24605995 10723278 17908954 15062025 19924549 15535172 26823496 31849308 38020183 22746602 19973266 14288817 22957792 23356805 16002569 8072807

101

20-Oct-10 21-Oct-10 22-Oct-10 25-Oct-10 26-Oct-10 27-Oct-10 28-Oct-10 29-Oct-10 1-Nov-10 2-Nov-10 3-Nov-10 4-Nov-10 5-Nov-10 8-Nov-10 9-Nov-10 10-Nov-10 11-Nov-10 12-Nov-10 15-Nov-10 16-Nov-10 18-Nov-10 19-Nov-10 22-Nov-10 23-Nov-10 24-Nov-10 25-Nov-10 26-Nov-10 29-Nov-10 30-Nov-10 1-Dec-10 2-Dec-10 3-Dec-10 6-Dec-10 7-Dec-10 8-Dec-10 9-Dec-10 10-Dec-10 13-Dec-10 14-Dec-10 15-Dec-10 16-Dec-10 20-Dec-10 21-Dec-10 22-Dec-10 23-Dec-10 24-Dec-10 27-Dec-10 28-Dec-10

1901310 1917590 1894940 1907580 1895790 1894230 1886910 1901150 1934880 1926490 1926940 1928900 1949820 1957910 1983830 1985090 1986940 1969870 1959930 1962100 1960350 1964430 1965380 1982240 1998680 1991870 1994590 1990690 1991980 1997560 1998440 2001650 2023920 2027210 2003950 1995870 1998570 1999290 2010580 1997920 1998870 2000190 1997890 1995400 1985980 1993390 2001290 1999840

52843489 16210114 44507552 28550112 18069376 11162221 13669370 16161256 8297283 11415889 84189443 23898905 36143084 31515008 27126709 16805035 15950445 14218222 38620145 10691563 12695988 23826348 15091857 10410583 13605823 10307203 9578558 12140622 6068414 21192595 12025595 8146193 22058606 15681667 27158467 19270232 11994506 12708796 8048637 14091820 24583120 14578141 13610356 10250640 30722206 4940886 4968333 5634259

102

29-Dec-10 30-Dec-10 31-Dec-10

2013390 2018250 2009500

11842963 9282074 12873758

Table Showing Gold Trading in BSE-2011

Quantity (1000grams) 2020490 2013020 1992360 1981730 1967060 1973580 1976690 1983690 1984780 Value in Rs. 13291246 20985110 36022177 18618041 22371637 26266492 14382112 5288714 6280525 103

Date 3-Jan-11 4-Jan-11 5-Jan-11 6-Jan-11 7-Jan-11 10-Jan-11 11-Jan-11 12-Jan-11 13-Jan-11

14-Jan-11 17-Jan-11 18-Jan-11 19-Jan-11 20-Jan-11 21-Jan-11 24-Jan-11 25-Jan-11 27-Jan-11 28-Jan-11 31-Jan-11 1-Feb-11 2-Feb-11 3-Feb-11 4-Feb-11 7-Feb-11 8-Feb-11 9-Feb-11 10-Feb-11 11-Feb-11 14-Feb-11 15-Feb-11 16-Feb-11 17-Feb-11 18-Feb-11 21-Feb-11 22-Feb-11 23-Feb-11 24-Feb-11 25-Feb-11 28-Feb-11 1-Mar-11 3-Mar-11 4-Mar-11 7-Mar-11 8-Mar-11 9-Mar-11 10-Mar-11 11-Mar-11 14-Mar-11 15-Mar-11 16-Mar-11 17-Mar-11 18-Mar-11 21-Mar-11 22-Mar-11 23-Mar-11 24-Mar-11

1976370 1967990 1977760 1974730 1979680 1956180 1960960 1930990 1946580 1921070 1955870 1947200 1942310 1929970 1958570 1953700 1957430 1962280 1970620 1965540 1965360 1978390 1983440 1989370 1994920 1999450 2003470 2005610 2031850 2018470 2019460 2024610 2040430 2026790 2053760 2044930 2040620 2042930 2029340 2034800 2024360 2006780 1999600 2022940 2037110 2039750 2038860 2045700

11085208 12976896 6380778 3668706 12234954 20416748 9592869 26154426 8653043 88241170 16501662 5745883 6048623 6004612 6415028 14038384 9498401 8163116 8475661 7369232 6526246 7864090 4537999 11461125 5133787 10448828 12907058 7387145 24530289 7470504 8208347 7664803 20059916 14126288 17246379 10109920 14591302 6912790 21786481 11400941 14565831 13606374 19016132 6132734 7041676 7159461 5218231 11152468

104

25-Mar-11 28-Mar-11 29-Mar-11 30-Mar-11 31-Mar-11 1-Apr-11 4-Apr-11 5-Apr-11 6-Apr-11 7-Apr-11 8-Apr-11 11-Apr-11 13-Apr-11 15-Apr-11 18-Apr-11 19-Apr-11 20-Apr-11 21-Apr-11 25-Apr-11 26-Apr-11 27-Apr-11 28-Apr-11 29-Apr-11 2-May-11 3-May-11 4-May-11 5-May-11 9-May-11 10-May-11 11-May-11 12-May-11 13-May-11 16-May-11 17-May-11 18-May-11 19-May-11 20-May-11 23-May-11 24-May-11 25-May-11 26-May-11 27-May-11 30-May-11 31-May-11 1-Jun-11 2-Jun-11 3-Jun-11 6-Jun-11

2033850 2023770 2009080 2015970 2022830 2029810 2023010 2023280 2045470 2042810 2056960 2070340 2058560 2077180 2088260 2111130 2113420 2115960 2141990 2122130 2124150 2156460 2155890 2193000 2179040 2165220 2140550 2135360 2149160 2155430 2121520 2150720 2135190 2135550 2129530 2125300 2135820 2159140 2170700 2182850 2173730 2177990 2180440 2190260 2173100 2190670 2175750 2185130

14174650 15812515 15547852 5654498 5765810 7587658 27602642 12479158 14890766 15814886 10911237 25376083 13917239 20138814 17866323 24414518 27934627 23699263 73836969 38219154 20579880 27609995 34987268 46891921 28169164 20747359 37933076 33082188 24932423 27527994 36023333 30870400 22202622 10979488 14597085 8795430 10489212 13032690 12019319 16473003 12446195 9792888 15235840 14522598 21043679 16794854 18320500 28146361

105

7-Jun-11 8-Jun-11 9-Jun-11 10-Jun-11 13-Jun-11 14-Jun-11 15-Jun-11 16-Jun-11 17-Jun-11 20-Jun-11 21-Jun-11 22-Jun-11 23-Jun-11 24-Jun-11 27-Jun-11 28-Jun-11 29-Jun-11 30-Jun-11 1-Jul-11 4-Jul-11 5-Jul-11 6-Jul-11 7-Jul-11 8-Jul-11 11-Jul-11 12-Jul-11 13-Jul-11 14-Jul-11 15-Jul-11 18-Jul-11 19-Jul-11 20-Jul-11 21-Jul-11 22-Jul-11 25-Jul-11 26-Jul-11 27-Jul-11 28-Jul-11 29-Jul-11 1-Aug-11 2-Aug-11 3-Aug-11 4-Aug-11 5-Aug-11 8-Aug-11 9-Aug-11 10-Aug-11 11-Aug-11

2189000 2172090 2175340 2182640 2163970 2152700 2145350 2158920 2160030 2183690 2188950 2189720 2183830 2163750 2141660 2138220 2144380 2134910 2104120 2101050 2104960 2130030 2146000 2140370 2167510 2177930 2201200 2226970 2210850 2246540 2247720 2220840 2229970 2210720 2249380 2230150 2235150 2230920 2231720 2234800 2252240 2307550 2315990 2328320 2419760 2520230 2496560 2553660

29992491 21474690 26069944 10429877 23394701 15585040 11876641 11805042 13126176 17258551 8899401 12629770 14801065 32258165 29119193 20945611 12577978 24142458 46368214 33885372 21810297 17247795 13184906 13794216 17851425 15106634 26984711 23081948 26373026 27643797 35976469 15948254 23225190 12641974 29283153 17306923 8976187 7711409 17754872 19761407 24461526 56943197 26674743 41395437 145327226 184450688 68055465 93134690

106

12-Aug-11 16-Aug-11 17-Aug-11 18-Aug-11 19-Aug-11 22-Aug-11 23-Aug-11 24-Aug-11 25-Aug-11 26-Aug-11 29-Aug-11 30-Aug-11 2-Sep-11 5-Sep-11 6-Sep-11 7-Sep-11 8-Sep-11 9-Sep-11 12-Sep-11 13-Sep-11 14-Sep-11 15-Sep-11 16-Sep-11 19-Sep-11 20-Sep-11 21-Sep-11 22-Sep-11 23-Sep-11 26-Sep-11 27-Sep-11 28-Sep-11 29-Sep-11 30-Sep-11 3-Oct-11 4-Oct-11 5-Oct-11 7-Oct-11 10-Oct-11 11-Oct-11 12-Oct-11 13-Oct-11 14-Oct-11 17-Oct-11 18-Oct-11 19-Oct-11 20-Oct-11 21-Oct-11 24-Oct-11

2514210 2535330 2567650 2584760 2698380 2701870 2697060 2659340 2512370 2586140 2620460 2589160 2667130 2728380 2707800 2643560 2634390 2714610 2706860 2690330 2723500 2695670 2640260 2712440 2694910 2716730 2704270 2667360 2507910 2570050 2534200 2489960 2518830 2562260 2573750 2487750 2535590 2543090 2554950 2574800 2564220 2565990 2569020 2555720 2545800 2528340 2538360 2583170

61791061 57986671 58432143 70283644 192373092 208250989 132632575 91704550 209625810 116478535 74921232 75649933 102663249 96354202 151956214 189572561 105816835 92260080 87335156 48068298 63000474 30410655 111220324 73533232 80308884 41239313 57780841 112735558 314735609 90136603 82600850 96451798 52890534 54892929 56462181 89053248 40788983 38056524 35925415 26413836 24546039 16590085 38990734 30453450 34114972 103401363 26563048 461663248

107

25-Oct-11 26-Oct-11 28-Oct-11 31-Oct-11 1-Nov-11 2-Nov-11 3-Nov-11 4-Nov-11 8-Nov-11 9-Nov-11 11-Nov-11 14-Nov-11 15-Nov-11 16-Nov-11 17-Nov-11 18-Nov-11 21-Nov-11 22-Nov-11 23-Nov-11 24-Nov-11 25-Nov-11 28-Nov-11 29-Nov-11 30-Nov-11 1-Dec-11 2-Dec-11 5-Dec-11 7-Dec-11 8-Dec-11 9-Dec-11 12-Dec-11 13-Dec-11 14-Dec-11 15-Dec-11 16-Dec-11 19-Dec-11 20-Dec-11 21-Dec-11 22-Dec-11 23-Dec-11 26-Dec-11 27-Dec-11 28-Dec-11 29-Dec-11 30-Dec-11

2576220 2618980 2627300 2600870 2615200 2653610 2664740 2684740 2746370 2757430 2742950 2773910 2767640 2792710 2783960 2746010 2748600 2749880 2737960 2746000 2726130 2763180 2761030 2766160 2794980 2795040 2790390 2775800 2798810 2782330 2753540 2754770 2734370 2638730 2619370 2631540 2646760 2680740 2653620 2650970 2648930 2637610 2632530 2586170 2608910

27613428 90815258 51407799 61857502 27054457 50518189 30655876 44245632 85043642 52436488 40446363 40693241 31021061 49104330 32538608 34428472 17097657 22866060 44986970 28739656 26202614 29208724 16455126 22492786 41132334 26364701 24733949 15264124 32734710 24727106 26084996 21611732 25698256 102107721 86912288 41455347 25396306 20918541 15422777 17993657 11826245 20699896 12047649 55923109 37973986

108

Table Showing Gold Trading in NSE & BSE -2010

BSE Quantity Quantity BSE Value NSEValue (1000 (1000grams) grams) in Rs in Rs 1653860 16936681 6528700 1653880 1668200 18899682 8949800 1669320 1659350 14898879 8679700 1660410 1659200 14608954 6345800 1659070 1651020 8616059 7167400 1650620 1680000 7645568 6747700 1679820 1680120 4841455 5054600 1679980 1656090 14538993 6831100 1655650 1661340 7319099 3740600 1661510 1662750 12068308 3944400 1663050 1661020 5451033 5082800 1660280 1664600 3517847 4810800 1664900 1663410 4232446 5150100 1663100 1635430 14532020 11266500 1635650
NSE

Date 4-Jan-10 5-Jan-10 6-Jan-10 7-Jan-10 8-Jan-10 11-Jan-10 12-Jan-10 13-Jan-10 14-Jan-10 15-Jan-10 18-Jan-10 19-Jan-10 20-Jan-10 21-Jan-10

109

22-Jan-10 25-Jan-10 27-Jan-10 28-Jan-10 29-Jan-10 1-Feb-10 2-Feb-10 3-Feb-10 4-Feb-10 5-Feb-10 6-Feb-10 8-Feb-10 9-Feb-10 10-Feb-10 11-Feb-10 15-Feb-10 16-Feb-10 17-Feb-10 18-Feb-10 19-Feb-10 22-Feb-10 23-Feb-10 24-Feb-10 25-Feb-10 26-Feb-10 2-Mar-10 3-Mar-10 4-Mar-10 5-Mar-10 8-Mar-10 9-Mar-10 10-Mar-10 11-Mar-10 12-Mar-10 15-Mar-10 16-Mar-10 17-Mar-10 18-Mar-10 19-Mar-10 22-Mar-10 23-Mar-10 25-Mar-10 26-Mar-10 29-Mar-10 30-Mar-10 31-Mar-10 1-Apr-10 5-Apr-10

1623420 1630080 1624250 1617190 1607460 1609900 1642960 1652380 1634810 1576500 1604270 1606250 1599720 1606090 1605930 1627880 1644980 1649070 1632680 1637990 1650010 1639650 1619910 1620880 1652210 1655150 1677060 1678620 1671480 1664260 1644010 1646530 1628820 1637290 1623960 1635350 1648240 1642980 1645140 1620450 1619960 1605120 1603640 1612790 1612890 1608020 1615390 1617140

1623140 1630130 1625520 1617160 1607390 1609480 1642650 1652470 1634130 1577410 1605310 1607080 1599310 1606890 1607340 1630800 1646050 1648160 1631780 1638620 1650600 1639370 1620480 1623010 1650640 1656400 1677660 1679460 1671420 1664420 1644080 1646040 1627970 1637410 1623400 1636090 1648400 1642930 1644090 1620270 1620280 1605860 1603720 1613670 1612220 1608230 1615340 1618430

13247647 5092153 8232102 11462745 9418152 11594782 4449729 4662773 5870920 45003739 2790471 7142296 10707919 5391501 6186538 8996571 5241160 3747032 6066523 7304157 5708520 1807317 5921612 3883824 4181448 3332577 8397787 4258460 7914616 6589470 7822092 5448207 9772033 4785606 10959979 10292497 2690419 2472442 3199472 10536241 4118729 21646417 14624920 4712571 3900358 10697584 3946284 3863071

12154100 4613100 7675800 9090500 7540100 8457600 8650200 4352500 7454700 21726600 1376500 4289700 5870700 2196200 10988300 3964600 3775400 3475000 3836200 3430400 4120600 1898200 4727500 3737400 4510900 3118500 6004900 5126100 3320300 4268400 3396600 4559500 5947000 4964500 5160600 5932500 3388400 2239700 7994800 9097200 3109200 9503700 5742700 4394900 3533900 3661700 2472000 4704800

110

6-Apr-10 7-Apr-10 8-Apr-10 9-Apr-10 12-Apr-10 13-Apr-10 15-Apr-10 16-Apr-10 19-Apr-10 20-Apr-10 21-Apr-10 22-Apr-10 23-Apr-10 26-Apr-10 27-Apr-10 28-Apr-10 29-Apr-10 30-Apr-10 3-May-10 4-May-10 5-May-10 6-May-10 7-May-10 10-May-10 11-May-10 12-May-10 13-May-10 14-May-10 16-May-10 17-May-10 18-May-10 19-May-10 20-May-10 21-May-10 24-May-10 25-May-10 26-May-10 27-May-10 28-May-10 31-May-10 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10

1612560 1625930 1643740 1648840 1658230 1648180 1647950 1648690 1621020 1636310 1635370 1640400 1631680 1648530 1644760 1661650 1668850 1671150 1682620 1687840 1681200 1699760 1740180 1708300 1745110 1785380 1777380 1796220 1801760 1791520 1765900 1785870 1767480 1769070 1771250 1797720 1823440 1809460 1794350 1797690 1832780 1828000 1813650 1799780 1834680 1878980 1860260 1838860

1612970 1626270 1642990 1649450 1658240 1648910 1648920 1651940 1621240 1636030 1636820 1639730 1632320 1648250 1644910 1661400 1669400 1671200 1682800 1689100 1682900 1700150 1740850 1708200 1743350 1786550 1777600 1795700 1800600 1791150 1765050 1785500 1768650 1768750 1771700 1797600 1823700 1810200 1794850 1797300 1834800 1830150 1814200 1799400 1836100 1878900 1859850 1838450

8175117 3435464 6660409 4641061 5618884 3033165 3806496 3045561 9302004 3295754 2206768 5279681 2854781 3218882 2919147 11989369 6179966 4211068 4969313 10253304 7998828 13668728 25974324 16147660 14441946 18438647 13063588 27194370 145431306 23872032 9386226 15817172 8608800 7655331 5927522 16968926 24797692 11766255 11139096 4023315 16608590 22638513 11592530 13004923 14320075 25794224 19607549 11373285

4905200 4893700 7226000 3587200 5127000 5015500 2845100 3191100 9632900 3408900 2575100 2476600 2407600 3389700 3808700 6029700 4162300 2028100 4252400 4275200 4352500 7676300 20147100 11996200 8751800 17644400 8042200 11712500 87391700 10831500 6408200 12614800 9692500 9461600 4081000 12231900 13618700 6728100 10898500 8034000 14468200 6822000 8520600 6695100 8991100 16916800 7992500 7587700

111

11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10 28-Jun-10 29-Jun-10 30-Jun-10 1-Jul-10 2-Jul-10 5-Jul-10 6-Jul-10 7-Jul-10 8-Jul-10 9-Jul-10 12-Jul-10 13-Jul-10 14-Jul-10 15-Jul-10 16-Jul-10 19-Jul-10 20-Jul-10 21-Jul-10 22-Jul-10 23-Jul-10 26-Jul-10 27-Jul-10 28-Jul-10 29-Jul-10 30-Jul-10 2-Aug-10 3-Aug-10 4-Aug-10 5-Aug-10 6-Aug-10 9-Aug-10 10-Aug-10 11-Aug-10 12-Aug-10 13-Aug-10 16-Aug-10 17-Aug-10

1831480 1834620 1826860 1838990 1833590 1839620 1843220 1827040 1842060 1829550 1849900 1854170 1843950 1853150 1854090 1810930 1816730 1816840 1797270 1809780 1794430 1808140 1810000 1813530 1815300 1807320 1797020 1788750 1801590 1794470 1804210 1791870 1773960 1743180 1748250 1751620 1751880 1754210 1770430 1771230 1765390 1783290 1777670 1787650 1799560 1816510 1830700 1830380

1832550 1835000 1826500 1840200 1833600 1841500 1844450 1827400 1842500 1832100 1850200 1854250 1844000 1853100 1855550 1810750 1816550 1818250 1797550 1809250 1794250 1807300 1809650 1814050 1814700 1807550 1796700 1789350 1802100 1794900 1804050 1791750 1774000 1742650 1748900 1753000 1751300 1754750 1770700 1771750 1766000 1783100 1778000 1788350 1800950 1817300 1831600 1830650

7620834 18161265 16358937 5573132 6422051 42683895 12344291 10709164 6003495 8723140 5197837 6592401 7008018 5882770 11051047 43738247 12840438 9081853 19798467 6536703 16742891 5568912 11176647 5306359 8506915 10158115 21077001 13835248 2695417 11110205 10208226 15184541 22992696 63606103 32738879 18836475 21221567 9527403 22987823 18081157 14377163 9502125 7756587 5831037 11012051 9643651 12237363 9810569

8136900 9075200 8883500 15829600 4427100 17151500 37985200 15374000 5038000 4354900 4650300 3945100 8642400 5243800 7097000 22960600 7245300 7060200 11388100 5710400 8516800 3914200 16665400 6927500 5879200 6601700 8728200 11643600 2592800 5046800 5273100 10787700 12351200 23070500 11816300 10395200 15041500 11058100 9114800 8098700 8196000 8605400 4122100 7414700 9619600 7046000 7820500 4752800

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18-Aug-10 19-Aug-10 20-Aug-10 23-Aug-10 24-Aug-10 25-Aug-10 26-Aug-10 27-Aug-10 30-Aug-10 31-Aug-10 1-Sep-10 2-Sep-10 3-Sep-10 6-Sep-10 7-Sep-10 8-Sep-10 9-Sep-10 13-Sep-10 14-Sep-10 15-Sep-10 16-Sep-10 17-Sep-10 20-Sep-10 21-Sep-10 22-Sep-10 23-Sep-10 24-Sep-10 27-Sep-10 28-Sep-10 29-Sep-10 30-Sep-10 1-Oct-10 4-Oct-10 5-Oct-10 6-Oct-10 7-Oct-10 8-Oct-10 11-Oct-10 12-Oct-10 13-Oct-10 14-Oct-10 15-Oct-10 18-Oct-10 19-Oct-10 20-Oct-10 21-Oct-10 22-Oct-10 25-Oct-10

1824120 1830280 1835330 1832140 1829730 1854460 1855410 1853860 1854400 1857330 1874420 1866040 1868940 1858650 1866340 1879670 1865570 1843510 1861600 1884670 1875760 1878510 1868820 1868550 1872460 1877270 1875810 1871300 1861570 1881970 1880460 1873550 1875020 1892120 1910340 1918050 1885510 1912580 1918280 1930240 1948570 1934920 1921850 1937430 1901310 1917590 1894940 1907580

1825450 1829600 1835700 1832850 1830000 1854950 1855150 1854050 1854450 1857350 1874350 1865800 1868900 1858700 1866750 1878700 1866300 1844000 1861400 1884250 1877000 1877800 1869300 1870450 1871200 1877500 1876250 1871600 1862150 1882350 1880650 1872950 1874450 1891700 1910050 1918600 1887050 1913200 1918200 1930250 1947500 1934350 1920900 1938450 1901150 1917650 1894100 1909050

9259321 6148670 7085400 5810281 6838792 8743697 14795486 15004473 32999312 15431231 40478008 46290893 16043262 29108242 10982191 12382059 20319199 38019261 13915665 32363322 16257614 13391996 28161058 19946917 25063000 8068425 12580453 22893137 24605995 10723278 17908954 15062025 19924549 15535172 26823496 31849308 38020183 22746602 19973266 14288817 22957792 23356805 16002569 8072807 52843489 16210114 44507552 28550112

6978700 3500000 5741400 7907600 9881500 10984500 7429800 18849300 12925600 10176500 14631800 13025500 9008800 9239600 5988800 7374300 7232300 17976900 9091700 11290800 9040200 7484600 11713300 7140000 23176100 5645400 5551000 8445200 12117500 9887200 8856200 9354500 7612900 16321900 13942200 17841200 19139000 12835800 22812400 11817700 27164000 20425100 19308000 8511000 29096800 18271800 19499900 12758300

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26-Oct-10 27-Oct-10 28-Oct-10 29-Oct-10 1-Nov-10 2-Nov-10 3-Nov-10 4-Nov-10 5-Nov-10 8-Nov-10 9-Nov-10 10-Nov-10 11-Nov-10 12-Nov-10 15-Nov-10 16-Nov-10 18-Nov-10 19-Nov-10 22-Nov-10 23-Nov-10 24-Nov-10 25-Nov-10 26-Nov-10 29-Nov-10 30-Nov-10 1-Dec-10 2-Dec-10 3-Dec-10 6-Dec-10 7-Dec-10 8-Dec-10 9-Dec-10 10-Dec-10 13-Dec-10 14-Dec-10 15-Dec-10 16-Dec-10 20-Dec-10 21-Dec-10 22-Dec-10 23-Dec-10 24-Dec-10 27-Dec-10 28-Dec-10 29-Dec-10 30-Dec-10 31-Dec-10

1895790 1894230 1886910 1901150 1934880 1926490 1926940 1928900 1949820 1957910 1983830 1985090 1986940 1969870 1959930 1962100 1960350 1964430 1965380 1982240 1998680 1991870 1994590 1990690 1991980 1997560 1998440 2001650 2023920 2027210 2003950 1995870 1998570 1999290 2010580 1997920 1998870 2000190 1997890 1995400 1985980 1993390 2001290 1999840 2013390 2018250 2009500

1895550 1894000 1886800 1895050 1936200 1928100 1927650 1930000 1948700 1958850 1982750 1985050 1988250 1969750 1960950 1962750 1961300 1964850 1966550 1983400 1999950 1993850 1995450 1992950 1990250 1997300 1998450 2001450 2023350 2027400 2004600 1996250 1997550 1999650 2011100 1997900 1999050 2000500 1997850 1995600 1986600 1994300 2003100 1999800 2013400 2018000 2009900

18069376 11162221 13669370 16161256 8297283 11415889 84189443 23898905 36143084 31515008 27126709 16805035 15950445 14218222 38620145 10691563 12695988 23826348 15091857 10410583 13605823 10307203 9578558 12140622 6068414 21192595 12025595 8146193 22058606 15681667 27158467 19270232 11994506 12708796 8048637 14091820 24583120 14578141 13610356 10250640 30722206 4940886 4968333 5634259 11842963 9282074 12873758

8066000 6213100 9308600 14912800 17774400 8026000 25525200 17168800 10308200 12772700 13064300 10222200 9894600 8610900 10433200 6235400 5005000 9405800 8629100 8537400 7988700 8160800 6816600 12899400 12884600 19948400 8904600 5018000 13777400 8366200 13351100 7061800 4719600 6339400 4540700 8638000 6489900 5462800 6364800 5812600 8077000 6380000 5025400 9545000 6558100 5388200 10788400

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Month 10-Jan 10-Feb 10-Mar 10-Apr 10-May 10-Jun 10-Jul 10-Aug 10-Sep 10-Oct 10-Nov 10-Dec 11-Jan 11-Feb 11-Mar 11-Apr 11-May 11-Jun 11-Jul 11-Aug 11-Sep 11-Oct 11-Nov 11-Dec

Other commodity (silver) value in Rs 10482991.43 11954575.34 10970500.76 9914325.4 12532951.8 13589497.77 12518705.45 13991490.84 14978165.88 23493683.39 32379716.95 27336634.52 30612159.87 33207045.39 45446645.72 65807898.9 55917849.48 41394289.1 56509719.04 64482246.87 54162007.37 38587011.47 43404119.7 37161913.9

Gold quantity 1607.46 1652.21 1608.02 1671.15 1797.69 1853.15 1751.62 1857.33 1880.46 1901.15 1991.98 2009.5 1955.87 2019.46 2022.83 2155.89 2190.26 2134.91 2231.72 2589.16 2518.83 2600.87 2766.16 2608.91

Gold value in Rs 195559823 156658832 158172477 97682932 437544381 294220919 372791385 274105159 459502929 475786881 432597127 315663850 379412514 178234358 264747052 437866480 446764228 420692188 452156772 2010334614 2081071270 1309610042 726235952 687029430

Table Showing NSE Trading

particulars

115

Chapter -V
116

 Findings Suggestions Conclusion

FINDINGS
GOLD 1000grams has started at a price of Rs22773 reached highest rate of Rs23370 and latterly closed at 22810. GOLD GUINEA has started at a price of Rs17702, reached to Rs18242 and later it has decreased to Rs17750.
GOLD MINI 100grams starting price was Rs21864; on 1st June

it has reached to highest price of Rs22635 and closed at Rs22164. GOLD HNI 1000grams started at Rs22340, reached to Rs23175 and closed at Rs22616.

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 ISS has commenced operations in the NSE segment from May 3 2000 and the BSE segment from December 24, 2004. Investment in gold is influenced by comparative returns from other markets like stock markets, real estates and other commodities like crude oil.

CONCLUSION
Though many investors were a bit hesitant about commodities

trading but still they were positive as commodities trading will be a boom in a long run after about 5 to 10 years as it is still gaining its popularity. Many investors thought its a very deep study and if one can

understand then he can invest in commodities trading.

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Many investors asked as to what derivatives has to do in

commodities trading. Many of the investors had a good knowledge about MCX and

NCDEX and suggested that those having proper knowledge about these two can invests in commodities trading without much of a doubt. Many investors were of the opinion that a commodity trading is

full of speculation, which is to the utmost extent true. A commodity trading is considered to give highest returns when

compared to other investment options. A commodity trading is of high risk also when compared to other

investment options.

On the whole commodities trading is slowly but surely gaining

popularity among investors. SUGGESTIONS India has a deep ingrained knowledge in commodity trading (and particularly forward trading in commodities), especially in the interior heartland. For last 40 years or so, such forward (futures) trading was banned in the country for a variety of reasons and it is being revived now. The ban has meant that two generations have lost touch with the trading skills and the related knowledge levels in the commodity space. Fortunately much of the skill sets have migrated to stock exchanges.

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We need our Exchange to reach to the producers, end-users, and even the retail investors, at a grassroots level. Education and awareness has a key role to play in achieving this vision. Though commodity futures were introduced in 1998 in India, but still the Indian commodity traders have not started their participation in full enthusiasm. They are apprehensive about the unfamiliar instrument. Lack of awareness and understanding of futures trading could be one of the reasons for the failure of the commodity futures. So there is a need to bridge this knowledge gap among the traders community. There are about 26 commodity exchanges in India. But only a few of them are active. About 24 of them do not have modern communication facilities. This is a serious problem of concern, necessary steps is to taken to bring out commodity exchanges with the required infrastructure, employees and sophisticated technology.

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Bibliography

BIBLIOGRAPHY
Journals &Articles Jangaih Paladi and c.Anitha raman,commodity market_ A relook ,in icfai reader Websites Market data is available from the URL

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http://www.mcxindia.com/market/date wise Gold prices are available from the URL http://www.kitco.com/market/date wise Company data available from the URL http://www.geojit.com/webform/view page www.google.com

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