IFSCA chief launches pilot run of International Bullion Exchange; to go live on Oct 1 businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Gold standard
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The international bullion exchange at GIFT city could be a game changer for gold trade in India
It’s good to note the brisk speed with which the implementation of the international bullion exchange in the Gujarat International Finance Tec-City is progressing. For it hastens the process of India becoming a price setter in the international bullion market, from being a price taker. The absence of a spot market for gold in the country forced domestic stakeholders to use prices traded on international exchanges to compute local prices. The signing of the memorandum of understanding between the leading stock and commodity exchanges and depository participants last week sets the stage for erecting the market infrastructure on which the bullion exchange will be based. Besides helping discover prices in India, the exchange can also become a future hub of gold trading if international traders are incentivised enough to shift part of their trading here. The necessary reg