Highlights
Silver gained Rs 1,102 to Rs 66,954 per kg.
Gold had closed at Rs 49,239 per 10 gram on Wednesday.
New Delhi: Gold on Thursday gained Rs 385 to Rs 49,624 per 10 gram in the national capital, reflecting gains in global precious metal prices. Silver also witnessed buying as it gained Rs 1,102 to Rs 66,954 per kg, from Rs 65,852 per kg in the previous trade.
In the previous trade, the precious metal had closed at Rs 49,239 per 10 gram.
In the international market, gold was trading with gains at USD 1,878 per ounce and silver was flat at USD 25.80 per ounce.
Prof Arvind Sahay, Chairperson, India Gold Policy Center at the Indian Institute of Management Ahmedabad (IIMA) told
IGPC flags import of impure gold into India
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Synopsis
“Additionally, India is yet to comply with the Financial Action Task Force (FATF) recommendation on notifying reporting entities for the jewellery sector,” said Arvind Sahay, chairperson, IGPC.
Agencies
The resulting impact will be greater transparency in the supply chain that shall benefit all stakeholders long term. The country of origin would also have a mechanism to assess the royalties paid by their local exporter.
Indian refineries importing gold dore (impure gold) is a process wrought with money laundering risks the India Gold Policy Centre (IGPC) at IIM-Ahmedabad has said. IGPC said that nominated banks, agencies and all the jewellery re-exporting companies need to employ adequate due diligence verifications about the source of impure gold, which is not the case at present.