India is set to begin trading today on its new gold bullion market in an attempt to mobilise the thousands of tonnes of the precious metal that the country's households keep hidden under their beds as savings.
The National Spot Exchange, controlled by Indian market company Financial Technologies, will begin offering contracts for domestic gold bullion, ranging in size from 8gr to 1kg.
“Though India has a huge household stock of around 20,000 to 25,000 tonnes of gold, there was no single market available where this could be sold,” said Anjani Sinha, managing director and chief executive officer of the National Spot Exchange.
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