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The National Commodities and Derivatives Exchange (NCDEX) on Friday announced the opening of the Ahmedabad delivery centre for its Gold Now platform, which offers bullion forward contracts with a daily delivery facility.
Suresh Devnani, Head - Business, NCDEX, said that since its launch in May, Gold Now has received good response, with the Delhi and Chennai centres registering 5kg and 1kg respectively of trading volumes so far.
The platform is aimed to reduce the dependence on imported gold.
It provides contracts on both imported and domestic gold (which is recycled gold obtained through exchange-approved refineries).
“Jewellers, bullion dealers and merchants will benefit by the opening of the delivery centre in Ahmedabad. We are also planning to open delivery centres in Mumbai, Hyderabad and Jaipur,” said Devnani.
Out of the 18 refineries present in the country, NCDEX has approved three — Shirpur Gold Refinery in Maharashtra, Kundan Group in Panipat and Edelweiss in Ahmedabad. The three together have a refining capacity of 300 tonnes per annum.
Minimum contract The Gold Now platform currently offers minimum gold contract for 100 gram, but soon it will offer contracts in lesser quantities to cover retail buyers.
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