India's Multi Commodity Exchange (MCX) will launch the country's first gold options contract in September allowing even smaller players in the bullion industry an instrument to hedge their risk, a senior company official. Somewhere around end September we will launch gold options. We have already conducted mock drills. The Securities and Exchange Board of India has approved the options contract.

India is the world's second-biggest buyer of gold, typically importing around 800 tonnes a year, with the metal being used in everything from investment to religious donations and wedding gifts.

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