World Gold Council to form panel to set up India's first spot gold exchange

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A dedicated exchange for physical gold is expected to pave the way for standard gold pricing practices in India, apart from bringing in transparency into a market which sees large cash transactions


LATEST NEWS : The world Gold Council (WGC) plans to shape a committee quickly to help installation India's first spot gold exchange within 12 to 18 months, a senior official of the enterprise body said on Thursday.A committed trade for physical gold is anticipated to pave the way for trendy gold pricing practices in India, other than bringing in transparency right into a market which sees big cash transactions.

"we will be taking lead in forming the committee, so that it will have all of the stakeholders," Somasundaram PR, managing director of the WGC's Indian operations, informed Reuters.

The committee, that's in all likelihood to be formed inside the December region, will not installation the exchange. it'll provide guidance in setting up the change, he stated, whilst freeing a WGC report highlighting the want for a dedicated spot gold exchange within the country.

In 2015, Indian authorities had floated the idea of setting up a national gold trade.
India's push for an alternate follows the gold monetisation and sovereign bond schemes released in last few years, designed to mobilise the united states of america's gold hoard and decrease imports of the valuable steel that weighs at the usa's change deficit.
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