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Singapore settles first gold future contract

Contract allows investors to gain access to the Indian gold market as it aims to become one of the global bullion trading hubs

The first futures contract based on gold price in India has been settled on the Singapore Mercantile Exchange, in a trade that allows foreign investors access to the largest market for physical gold.

The contract, which has been active since June 1, has been settled following $16m-worth of trades.

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