i think you are calculating the leverage in a wrong way.
suppose if Gold Futures is trading at Rs 1000 and the lot size is 100 Qty.
so the cost of the commodity is 1000 x 100 qty = 1,00,000
if the broker allows you to trade it on intraday basis with just 500 Rs for 1 lot then you are leveraging at 200 times. 1,00,00 / 500 = 200X
you are wrong because you are taking into account NRML margin ... which itself is already leveraged.
suppose if Gold Futures is trading at Rs 1000 and the lot size is 100 Qty.
so the cost of the commodity is 1000 x 100 qty = 1,00,000
if the broker allows you to trade it on intraday basis with just 500 Rs for 1 lot then you are leveraging at 200 times. 1,00,00 / 500 = 200X
you are wrong because you are taking into account NRML margin ... which itself is already leveraged.