BSE Commodity Platform Completes Deliveries of Refined Gold
According to the exchange press release, the gold delivered was domestically refined from recycled gold.
SEATTLE (Scrap Monster): The Bombay Stock Exchange (BSE) has become the first domestic exchange to execute physical deliveries of refined gold under the BSE-BIS India Goods Delivery Standard. The exchange has reportedly executed gold delivery worth INR 1.5 crore on its commodity platform.
According to the exchange press release, the gold delivered was domestically refined from recycled gold. Also, the exchange marked its fifth consecutive month of deliveries at its designated vault in Ahmedabad. It must be noted that the gold mini contracts were initially launched in June this year. Those contracts are now being converted into physical delivery, upon expiry.
The refined gold delivered on the BSE platform was produced by Augmont Enterprises Pvt Ltd and Parker Precious Metals LLP, who are empanelled by the exchange to deliver gold bars on its platforms. Earlier, the exchange used to accept only serial-numbered gold bars approved by the London Bullion Market Association (LBMA) for the settlement of gold contracts.
Sameer Patil, Chief Business Officer, BSE noted that the deliveries of Indian refined gold demonstrates the trust reposed by derivative segment participants on BSE-led initiatives.
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