India plans for new Spot Gold Exchange in November

Mumbai (Sept 6)  India is looking forward to finalise trading specifications for the new spot gold exchange in November in order to improve transparency in the world’s second biggest bullion market.

 The new exchange is considered to be one government's measure to help inspection and repair a fragmented jewellery industry, boost transparency and streamline bullion trading.

 The World Gold Counsil has quoted in May that they are working with the government to create a local spot-gold exchange that may start up as soon as next year.

 Earlier in 2013, the authorities had halted trading on the National Spot Exchange Ltd, since then spot Gold hasn't been trading in the spot market.

 Currently in India, Gold is traded on exchanges only as futures. India's jewellers buy the Gold from importing agencies nominated by the Reserve Bank of India, including banks, some trading houses and large jewellers, or from dealers who purchase it from those banks.

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