Proposed gold exchange to have its own good delivery norms

Good delivery draft based on global norms, Indian elements to deal with finance and production numbe

In a move that will set the stage for setting up a spot exchange for gold trading, help make gold trade transparent and eveolve an  India-based gold price, the government is considering formulating good delivery standards and responsible gold practices for trading in the precious metal.

So far, in most trading centres across the globe, London Bullion Market Association or LBMA delivery standards are accepted. Even on Indian futures exchanges, it is the LBMA standard gold that is regarded as good delivery to the extent that gold refined by Indian refinery, but not having LBMA recognition, is not acceptable