The online gold futures trade on the National Multi Commodity Exchange of India will be launched by Union Minister for Consumer Affairs, Food and Public Distribution Sharad Yadav in New Delhi on Friday.

With this launch, India, the world's largest consumer of the yellow metal, will join the ranks of New York Mercantile Exchange and Tokyo Commodity Exchange, giving its jewellers, exporters and banks engaged in bullion trade the benefit of hedging against price fluctuations, C J George, managing director, Geojit, told reporters in Kochi on Wednesday night.

The online gold futures trade on NMCE is being launched on Geojit's online commodity futures trading terminal.

George said the gold futures trading in India is aimed at making it the gold price-determining country for the world's gold market.

Though some players in the bullion market hedge their positions on international commodity exchanges, a large number of them do so through illegal routes, he said.

Geojit has been instrumental in popularising online commodity futures trading across India on NMCE through its subsidiary.