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The National Commodity & Derivatives Exchange (NCDEX) has launched ‘Gold Now’, an online forward trading channel facilitating buying and selling of the metal, for the benefit of jewellers.
This platform proposes to allow delivery of gold originating from domestic refineries through recycling. Gold Now will offer bullion in 1-kg and 100-gram forward contracts for six centres with daily delivery facility through T+1 and T+2 settlement system. The cities where delivery will be available are Ahmedabad, Mumbai, Delhi, Kochi, Hyderabad and Chennai.
“With the launch of the Gold Now national marketplace, we are creating system at par with international standards, and which will help the bullion and jewellery industry improve its efficiency,” said Samir Shah, managing director and chief executive officer.
The exchange has approved four domestic refineries for delivery of gold on its newly launched platform. They satisfy the stringent financial, technical and customer due-diligence standards the exchange said.
About a week ago, NCDEX had introduced a gold premium polling mechanism for arriving at the settlement price of its gold futures contract.
