Capital Gold Group Report: India May Soon Be Fixing Prices for Global Market
MUMBAI: India, one of the leading gold
consumers in the world, may soon manage to move from being a mere
"price taker" to a "price maker" in the world of royal metal.
Tired of the wild fluctuations of gold price in the London Bullion Market and its impact on Indian market, Bombay Bullion Association (BBA), in collaboration with Bombay Stock Exchange (BSE), National Multi-Commodity Exchange (NMCE), IT People (India) and Reliance Money, has decided to set up its own trading platform for gold.
Though the representatives of the respective partners of the proposed joint venture (JV) denied that the decision had, "anything to do with the recent pole-vaulting of gold price", they agreed with the fact that "it's time we moved from price taker to price maker".
Asked whether the yet-to-be formed limited company has obtained the requisite permission from the authorities including the Reserve Bank of India (RBI), director and CEO of Reliance Money Sudip Bandyopadhyay said here yesterday, "We have not approached them so far but we will be intimating the authorities for necessary clearances. After all, we want to launch it in a month's time."
Talking about the trading platform, he said the Bullion Spot Market (BSM) will be an over the counter bullion trading platform which would "help jewelers not only in monitoring the international bullion price fluctuations on real time basis, but will also facilitate retail investors in the purchase of gold coins and bars". Price fluctuation is a thorny issue for the gold traders. Though India is a leading consumer of gold, a "total helplessness" has gripped the traders in controlling the prices, he added.
Tired of the wild fluctuations of gold price in the London Bullion Market and its impact on Indian market, Bombay Bullion Association (BBA), in collaboration with Bombay Stock Exchange (BSE), National Multi-Commodity Exchange (NMCE), IT People (India) and Reliance Money, has decided to set up its own trading platform for gold.
Though the representatives of the respective partners of the proposed joint venture (JV) denied that the decision had, "anything to do with the recent pole-vaulting of gold price", they agreed with the fact that "it's time we moved from price taker to price maker".
Asked whether the yet-to-be formed limited company has obtained the requisite permission from the authorities including the Reserve Bank of India (RBI), director and CEO of Reliance Money Sudip Bandyopadhyay said here yesterday, "We have not approached them so far but we will be intimating the authorities for necessary clearances. After all, we want to launch it in a month's time."
Talking about the trading platform, he said the Bullion Spot Market (BSM) will be an over the counter bullion trading platform which would "help jewelers not only in monitoring the international bullion price fluctuations on real time basis, but will also facilitate retail investors in the purchase of gold coins and bars". Price fluctuation is a thorny issue for the gold traders. Though India is a leading consumer of gold, a "total helplessness" has gripped the traders in controlling the prices, he added.
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