India's MCX Outdoes E-Mini Futures By Introducing 1 Gram Contract

That's right: India's MCX is introducing a gold futures contract with a face value of one single gram. In constrast, the E-mini futures contract, of which ten is neeeded to secure delivery of a single 100-oz gold bar, has a face vaue of ten ounces.

Availability of Gold Petal, a product that can act as a SIP (Systematic Investment Plan) product, will attract retail participants," said Lamon Rutten, managing director and chief executive officer of MCX.

Based upon those words, the contract seems to be giving paper title to a gram of gold like the E-mini gives paper title to ten ounces. But, there are delivery depots in Mumbai, New Delhi, Ahmenabad and at least one unnamed other place. So, however counterintuitive this sounds, the holder of one of those contracts might get a single gram of physical when it comes time for delivery against full payment.