MCX, the country’s largest commodity exchange, has empanelled two refineries in Uttarkhand to deliver domestically refined gold on its platform.

At present, gold and silver bars of London Bullion Market Association approved refiners are deliverable on the exchange. The two refiners approved by MCX include MD Overseas and Kundan Care Products.

Acceptance of gold bars refined by the empanelled domestic refiners would begin in 100 grams gold derivative contracts.

MCX is expected to add few more refiners soon as their applications are at various stages of the audit process.

PS Reddy, Managing Director, MCX, said the acceptance of locally refined gold and silver bars will facilitate expansion of the organised bullion trade besides enhancing transparency

The move will further integrate exchange eco-system with domestic physical industry, he added.

MCX has seen delivery of more than 118 tonnes of gold and over 3,500 tonnes of silver since inception.

Earlier, the Exchange has issued the MCX Good Delivery Norms for BIS-Standard Gold and Silver, a document that details the entire process of empanelment. The Bureau of Indian Standards in 2020 notified good delivery standards for gold and silver in the country as per IS 17278.