Federal Bank to launch gold bullion trading today

Kochi-based Federal Bank will launch gold bullion trading on Chingam 1, the Malayalam New Year (August 17). The bank will initially provide the facility in 53 select branches across Kerala.

Named 'Federal Bank Pure Gold', it will provide gold in 5 gm, 8 gm and 20 gm with 99.99 per cent purity that are manufactured at Pamp Refinery in Switzerland. The price will be fixed in tune with the daily closing price of the London Commodity Exchange.

Addressing a press conference here on Thursday, general manager Abraham Thariyan said the wholesale trading of bullion would be introduced within a couple of months and retail sale would be expanded to other states soon. Malayalam actress Kavya Madhavan will launch the trading.

Besides, the bank will roll out a scheme for financing 'Delivery "� Based Trade' through commodity exchanges from August 17. BC Khatua, chairman, Forward Markets Commission (FMC) will launch the scheme at Kochi.