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National Commodity and Derivatives Exchange (NCDEX) has launched a new national online platform for buying and selling gold.
The platform called ‘Gold Now’ will accept gold recycled in approved refineries, the exchange said in a statement here.
This is aimed at reducing the dependence on imports, it added.
“With the launch of the Gold Now national marketplace, we are creating an ecosystem that is at par with international standards and which will help the bullion and jewellery industry improve its efficiencies,” said Samir Shah, Managing Director and Chief Executive of NCDEX.
The Gold Now platform will provide an impetus to the domestic recycling industry, which at present consists of 17 refineries.
The exchange has approved four domestic refineries as “good delivery”. “They satisfy the stringent financial, technical and customer due diligence standards established by the exchange,” it said.
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 the delivery will be available are, Ahmedabad, Mumbai, Delhi, Kochi, Hyderabad and Chennai.
Approximately 20,000 tonnes of gold is estimated to be lying with Indian households, temples and trusts.
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