SEBI unveils roadmap for bullion trading
May 17, 2021
Proposes Electronic Gold Receipts to bring in transparency
Indian investors will soon see a new class of security known as Electronic Gold Receipts (EGR) that will be available for trading on the stock exchanges. Like shares, these EGRs will be held in demat form and can be converted into physical gold when needed. This is part of SEBI’s plan to allow trading of spot gold on the exchange platforms.
India is one of the world’s largest consumers of gold with annual demand of around 900-1,000 tonnes. But the purchase of spot gold is only on over-the-counter market as of now. In this year’s Budget, the Finance Minister had designated SEBI as a regulator for spot exchanges. The National Stock Exchange, BSE, the Multi Commodity Exchange and National Commodity & Derivatives Exchange are expected to be given permission initially to trade EGRs.
U.S. stocks were lower after the close on Friday, as losses in the Oil & Gas, Technology and Basic Materials sectors led shares lower.
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The best performers of the session on the Dow Jones Industrial Average were Amgen Inc (NASDAQ:AMGN), which rose 2.12% or 4.98 points to trade at 239.69 at the close. Meanwhile, Merck & Company Inc (NYSE:MRK) added 1.11% or 0.82 points to end at 74.50 and Verizon Communications Inc (NYSE:VZ) was up 0.87% or 0.50 points to 57.82 in late trade.
The worst performers of the session were Chevron Corp (NYSE:CVX), which fell 3.60% or 3.85 points to trade at 103.05 at the close. Dow Inc (NYSE:DOW) declined 2.48% or 1.59 points to end at 62.47 and Salesforce.com Inc (NYSE:CRM) was down 1.78% or 4.17 points to 230.19.
(This story originally appeared in on Apr 30, 2021)MUMBAI: Pent-up demand for the yellow metal after months of lockdown in 2020 and an appreciating rupee, which saw its price stabilise in the first three months of 2021, helped demand for gold in India rise 37 per cent during the January-March quarter this year (Q1 2021).
During the period, total demand for gold was 140 tonne compared to 102 tonne during the same period of 2020 (Q1 2020). According to data released by World Gold Council on Thursday, while jewellery demand during Q1 2021 rose by 39 per cent, investment demand, which includes bars, biscuits, e-gold and ETFs, rose 34 per cent.
The quarter also witnessed a deluge of gold imports into India at 301 tonne, a jump of more than 3.5 times over Q1 2020 figure of 83.1 tonne as jewellers were expecting the surge in demand to continue into Q2 2021. However, the recent lockdowns in several parts of the country could dampen the same for a few weeks, said Somasundaram P R, MD (
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Govt to implement mandatory gold hallmarking from June 1
The government on Tuesday said it is fully prepared to implement mandatory hallmarking of gold jewellery and artefacts from June 1, 2021. Gold hallmarking is a purity certification of the precious metal and is voluntary in nature at present.
The Centre, in November 2019, had announced that hallmarking of gold jewellery and artefacts would be made mandatory across the country from January 15, 2021. The government had given jewellers more than a year to shift to hallmarking and register themselves with the Bureau of Indian Standards (BIS).
But the deadline was extended for four months till June 1 after the jewellers sought more time to implement in the wake of the COVID-19 pandemic.
Gold Rates Today: Domestic spot gold closed at Rs 46,644 per 10 grams on Wednesday
Gold Price in India: Amid declining prices of the yellow metal, domestic gold futures witnessed a volatile trading session on Wednesday, February 17. In the national capital, gold rates plunged Rs 717 to Rs 46,102 per 10 gm amid a decline in global precious metal prices, according to HDFC Securities. Silver prices also slipped by Rs 1,274 to Rs 68,239 per kg, as compared to the previous close of Rs 69,513. Multi Commodity Exchange (MCX) gold futures, due for an April 5 delivery, was last seen trading 0.84 per cent lower at Rs 46,505, having swung between Rs 46,240 and Rs 46,800 during the session compared to their previous close of Rs 46,899. Silver futures were trading lower by 0.58 per cent at Rs 68,967. (Also Read: Is Silver The New Gold?)