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Commodities Briefing - Categorized | Bullion/Gold, Market Moves, Regulatory more

India questions London gold benchmark

Posted on 11 August 2016

India has said it is setting its own gold standard, being among the largest consumers of gold historically. The Indian Bullion & Jewellers’ Association declares opening and closing gold prices daily based on which sovereign gold bonds are priced. The London Bullion Market Association fixes gold’s opening and closing prices internationally.
Addressing a seminar in Mumbai, IBJA President Mohit Kamboj said the London Bullion Market Association quotes did not match prices in India. Ruth Crowell, chief executive officer of the London Bullion Market Association, reacted to this observation stating, “Whether it is the Indian gold standard or London gold standard is a matter of deliberation. The industry need to sit together to make it happen.”……………………………………….Full Article: Source


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