Hyderabad: National Commodity & Derivatives Exchange Limited has come up with a national marketplace for gold called Gold Now for determining the rate of bullion for trading based on a new international standard. NCDEX head of business, Suresh Devnani said, “Currently, the rate of bullion is set as per discussions among the traders at the local level, who use their own methodology.
With this market place where gold price is determined based on international standards, bullion trading can be standardised which is largely scattered in the country.”India, despite being the largest consumer of gold in the world, has no say in the determination of gold rates because it doesn’t produce the metal.
The Gold Now marketplace intends to create an ecosystem which will help the bullion market and jewellery industry to improve its efficiencies. In this move, it has set up its gold delivery centres in Hyderabad, Amhedabad and Chennai and will soon be opening in Mumbai and Jaipur.
