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India is a step closer to first gold exchange
By Benjamin Parkin and Henry Sanderson
Financial Times, London
Sunday, August 11, 2019
India's long-frustrated hopes to build a regulated and transparent gold market are closer to reality after global banks and trade groups submitted a blueprint to the government to set up the first physical gold exchange in the world’s second-largest consumer market.
India last year said it planned to create a spot gold exchange, inspired by neighbouring China's highly successful Shanghai Gold Exchange. Banks including JPMorgan Chase, Standard Chartered, and State Bank of India, along with the World Gold Council, submitted the blueprint this month after consultations with the government.
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Gold jewellery is ubiquitous across the economic spectrum in India, featuring prominently in everything from religious festivals to weddings. With historically limited access to banks, a family's jewellery collection serves as a de-facto savings account for many in the country.
But India, which buys about 800 tonnes of gold a year, lacks a centralized forum for physical trading or a national benchmark price. This has sparked concerns about price transparency and quality of the gold in the trade, and limited India's ability to influence global prices. ...
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