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New gold exchange may transform India from price taker to price maker
BSE Launches Electronic Gold Receipts
From the Press Trust of India
via The Times of India, Mumbai
Tuesday, October 25, 2022
NEW DELHI -- Leading stock exchange BSE has launched its electronic gold receipts on its platform, a move that will help in efficient and transparent price discovery of the yellow metal.
The exchange has introduced two new products of .995 and .999 purity during the Muhurat trading on Diwali and trading will be in multiples of 1 gram and deliveries in multiples of 10 grams and 100 grams, the exchange said in a statement.
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The announcement came after the exchange last month received final approval from the Securities and Exchange Board of India (SEBI) for introducing electronic gold receipts on its platform. ...
The EGR platform will lead to greater assurance in the quality of gold supplied, efficient price discovery, and transparency in transacting. This can create a vibrant gold ecosystem in India by enabling actual fungibility of gold.
India is the second largest consumer of gold globally with annual gold demand of approximately 800-900 tonnes and holds an important position in the global markets.
The country has remained a price taker in the global markets and at present does not play any significant role in influencing the price-setting for the commodity.
A platform for EGR infuses transparency in gold spot transactions, enables India to emerge as the price setter, and would eliminate existing market inefficiencies.
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