While gold contracts are available on NCDEX and MCX, it is on MCX that the contract is more liquid. At any point of time there are 6 monthly gold commodity contracts that are available for trading. The gold futures contract will expire on the 5th day of each calendar month and a total of 6 months of gold contracts will be available. For example, as on August 20th 2017, there will be gold futures contracts available for September 2017, October 2017, November 2017, December 2017, January 2018 and February 2018. The normal gold futures contract has a lot size of 1 kilogram (1000 grams) and has a notional value of nearly Rs.3.1 million. The approximate SPAN margin on gold is around 4% and the extreme loss margin is 1%. These low margins are more due to the low volatility in the price of gold.

However, since the 1 KG lot size is quite large, there are also sub-sets of the gold futures contract that are available in lower lot size denominations. For example, there is the Gold Mini contract which has a lot size of 100 grams. There is a smaller gold futures contract called the Gold Guinea contract which will have a lot size of 8 grams. The lowest denomination is the Gold Petal contract which has a lot size of just 1 gram and is intended to encourage wide participation in gold futures. The most popular contract as well as the most liquid is the Big Gold contract which has a lot size of 1 kilogram.