Market Basics
COMEX
COMEX is the U.S. exchange where benchmark gold and silver futures trade in dollars per troy ounce. It is the primary global reference market that Indian MCX prices are compared against.
COMEX is the primary U.S. metals futures exchange, part of the CME Group, where global benchmark gold and silver contracts trade. Prices are quoted in U.S. dollars per troy ounce and are among the most widely referenced metal prices in the world.
For an Indian bullion trader, COMEX is the global anchor. MCX prices are effectively COMEX moves translated through the USDINR rate and local costs, so reading the relationship between the two, after converting units and currency, reveals whether local prices are tracking the world market or diverging.
Converting COMEX to a local comparison requires dividing the per-troy-ounce price by 31.1035 grams and applying the rupee rate and local unit. Because of time-zone and FX differences, COMEX and MCX are compared with care for freshness and contract alignment.
Put it to work
Educational reference only. Definitions describe how traders use these concepts and are not investment advice or a recommendation to trade.