Multi Commodity Exchange (MCX) on Tuesday launched the country`s first gold options contract in New Delhi to coincide with the gold-buying festival of Dhanteras.

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"Gold Option contract, with Gold (1 Kg) futures as underlying, expiring on Nov. 28, 2017, and Jan. 29, 2018, are made available for trading from today," the exchange said in a statement.

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.

"The introduction of options gives a strong impetus towards systematic development and transformation of commodity derivatives market in India, ushering in a new era in price risk management in response to stakeholder expectations," MCX chairman Saurabh Chandra said in the statement.

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