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GOLD and GOLDM price difference.

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Just looking for an opinion:

The current difference in prices between GOLDM and GOLD: 65-73 Rs.

Can this difference exist till trading close for the contract?

Also, I am a bit confused about the expiry/square off system.

Assuming I have a position on the 5th June 2013 expiry contract, which is the last trading day for me? Assuming I have no intention of giving or taking delivery? Is it 31st May or can I hold till later?

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