According to experts,
The cost to trade one lot (1 kilo) of gold futures at Rs 28.6 lakh was Rs 1.43 lakh, or around 5% intraday on Thursday. An option contract will be available at just a fifth of that, or Rs 29,000.
IMO-
But still, 29,000 is the large amount for one lot as option buyers try to average at lower points. So to do average just 4 times it'll cost over Lakhs. I don't how will be popular with small traders. Small traders provide the liquidity in the market. 30,000 PER LOT for options is too much riskier for small players.
I doubt about the popularity of such high-cost options, mainly hedger will buy.
A weekly option will reduce the cost to one-fourth. This must for Gold options. MCX will understand it with times.
For monthly options, crude oil is much better for multiple lots buying and averaging. It's not a 30lakh contract. Gold options surely face liquidity problem if the price is about 30,000 per lot.
For first experiment Crude was a better choice, contract value only about 3 lakh, options per lot cost approx 3000 only.
Bid ask spread will be wider in Gold options due to low liquidity.