Russia exchange embarks on gold contract trading
MOSCOW, June 8 (Itar-Tass) - The Russian stock exchange RTS began gold contract trading on Thursday.
The first deal on gold contracts on the commodity market (futures and options at RTS) falling due in July and September has been concluded at the price of 626.5 dollars an ounce, the RTS public relations department said.
Settlements on the gold future contracts are made in roubles using opening gold prices at London fixing.
The size of collateral is 5 percent of the cost of a contract, and charged commission is 1 rouble, PRIME-TASS said.
The gold futures simultaneously represent an object of capital investment, an accumulation tool and a speculative tool.
They are also a valuable expedient for commercial producers and gold users.
In convenience of asset sale and purchase and transaction costs, the futures contracts are superior to other modes of investment in gold. ITAR-TASS