Platform will accept gold recycled in exchange-approved refineries as Good Delivery
The yellow metal fell by another Rs120 on Monday to end at Rs26, 850 per 10 grams
Chennai: National Commodity & Derivatives Exchange (NCDEX) on Friday launched “Gold Now”, an online platform for buying and selling gold, with Chennai as its delivery centre. Aligned with the “Make in India” campaign of the government, the platform will accept gold recycled in exchange-approved refineries as Good Delivery.
This is intended to reduce the dependence on imports. South India accounts for around 40 per cent of the country’s gold consumption and 70 per cent of this consumption is in Tamil Nadu. This necessitates the need to offer an exchange-traded forward contract in Gold with Chennai as delivery center.
( Source : deccan chronicle )
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