A commodity is a good for which there is demand, but which is supplied without qualitative differentiation across a market. A futures trading is organized in such goods or commodities as are permitted by the Central Government. Commodities market essentially represents another kind of organized market just like the stock market and the debt market. However, commodities market, because of its unique nature lends to the benefits of a wide spectrum of people like investors, importers, exporters, producers, corporate etc. Commodity trading is the market activity, which links the producers of the commodities effectively with their commercial consumers. Commodity trading mainly takes place in the commodity markets where raw or primary products are usually exchanged. The raw commodities here are traded on regulated commodities exchanges, in which they are bought and sold in standardized forms of contracts. The objectives of the paper include identifying trading opportunities and statistical arbitrages for low risk takers in the commodity market. Futures’ trading is one of the processes of trading commodities. As in other cases of investments, such as stocks and bonds, when trading futures, one actually does not buy anything or own anything. It is just about speculating on the future direction of the price in the commodity one is trading. This is like betting on future price direction. With the help of the data gathered I have made an attempt to understand various opportunities the market presents to the investor and also analyze various strategies adopted and comment on the effectiveness of those strategies. The authors have also tried to present an in depth analysis of the bullion commodity and have been able to make certain comments and recommendations in relation to the trade of the commodity. The paper also tries to identify the benefits provided and challenges faced by Gold ETF in India and its future prospects.