3) Price quote location: why “Ex-Ahmedabad” matters
NSE specifies the price quote as Ex-Ahmedabad. Importantly, it’s inclusive of import duty and customs-related levies, but it excludes GST and any additional GST-related levies/surcharges.
Also Read: Gold Price Today in India
4) Trading days and session timings
5) Contract listing and expiry: the calendar you must track
This is a monthly contract.
Expiry / last trading day
Last trading day (contract expiry): the last calendar day of the expiry month.
If that day is a holiday, expiry shifts to the preceding working day.
Contract commencement day
Launch calendar (what months are listed first)
NSE has provided a contract launch calendar beginning March 16, 2026, and the initial expiries include April 2026 and May 2026, followed by a rolling monthly sequence extending up to March 2027.
6) Order size: How big can one order be?
This is an order-entry control—useful for risk containment and market stability.
7) Daily price limits: how NSE manages extreme volatility
NSE has defined a structured circuit-style mechanism:
Base daily price limit: 6%
If the 6% limit is breached, after a 15-minute cooling-off, the limit can be relaxed up to 9%.
If international market movement is beyond the domestic limit range (after currency conversion and comparison with the previous close), NSE may relax further in steps of 3% beyond the maximum permitted limit, with due notice.
In exceptional circumstances, where there is extreme movement beyond the initial slab, the daily price limit may be relaxed directly to the required level with notice.
8) Margins: what you must keep in your account
Circular lays out the framework for margins:
Initial margin: minimum margin based on volatility category or SPAN, whichever is higher.
Extreme loss margin (ELM): 1%
Additional/special margins can be imposed during higher volatility—either on both buy & sell positions or on one side, as deemed fit.
What is ELM (Extreme Loss Margin)?
ELM stands for Extreme Loss Margin.
It is an additional margin collected by the exchange/clearing corporation to protect against unexpected, extreme market movements beyond what is covered by normal initial (SPAN) margin.
9) Position limits: how much you (and your broker) can hold
The circular provides open position limits across all gold contracts combined:
For a member (all clients collectively)
For an individual client
These limits matter most when liquidity grows, and larger traders start building size.
10) Settlement pricing: how daily MTM is calculated
For mark-to-market (MTM), the daily settlement price is based on the closing price of the contract.
And the closing price computation is method-driven:
Uses the last half-hour weighted average price, subject to a minimum of 10 trades in the last half-hour, or
Weighted average price of the last 10 trades of the day, or
Any other price method as decided by the relevant authority from time to time.
11) Delivery and settlement: This is a compulsory delivery contract
This is not a “cash-only” settlement contract. The delivery framework is clearly spelt out.
Delivery basics
Delivery unit: 10 grams
Delivery logic: Compulsory
On expiry, all open positions are marked for delivery.
Delivery pay-in: on an E + 1 basis by 11:00 AM, except Saturdays, Sundays and trading holidays.
Staggered delivery period
Delivery centre
Quality specifications (what can be delivered)
Also Read: Silver Rate Today in India
12) Delivery-period margins: higher risk = higher cash requirement
During the delivery period, margins are set higher than:
This is the exchange telling you, plainly: delivery week is not the time to be undermargined.
13) Final Settlement Price (FSP): the formula traders should know
NSE will announce the Final Settlement Price (FSP) based on the Ahmedabad spot price for Gold (10 gms) of 995 purity, converted to 999 purity using:
FSP reference conversion:
995 spot price × 999/995
This price is polled on the expiry day by around 5:00 PM.
If the polled spot price isn’t available due to emergency physical market closure at the basis centre, NSE will decide the course of action in consultation with SEBI.
