| Gold prices are fixed internationally by the London Bullion Market Association (LBMA) and these are indicated to importers by banks and nominated agencies in India. Now industry body IBJA (formerly Bombay Bullion Association) wants to play a larger role and is tying up with CME Group, London for deriving a price mechanism similar to LBMA.
“Given our industry size, the industry should be able to derive its own price for gold in India and we should be in a position to dictate price to the world. It is a cause for concern and we too want to be able to have our own bullion price,” Mr. Mehta said. IBJA is awaiting approval from the regulatory authorities...............................................Full Article: Source
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