BSE Completed Sixth Straight Month of Physical Gold Deliveries

SEATTLE (Scrap Monster): The Bombay Stock Exchange (BSE) announced that it has completed another round of physical deliveries of gold under India good delivery standard. This is the sixth consecutive month that the exchange has reported gold deliveries. It must be noted that the BSE had launched India standard gold and silver in June this year.

BSE has become the first exchange in the country to complete consecutive deliveries of gold on its commodity platform. During the month of November this year, the exchange executed delivery of gold and silver to the tune of Rs 1 crore in the 'options in goods' framework. The delivered refined gold was produced by Parker Precious Metals LLP.

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Until now, bullion exchanges had accepted only LBMA-approved gold bars for delivery. However, since June 2020, Indian exchanges started accepted locally refined gold as well. In addition to Parker Precious Metals LLP, M D Overseas Pvt Ltd, Augmont Enterprises Pvt Ltd and Sovereign Metals Ltd have also been empanelled by the exchange to deliver serial-numbered gold bars on its platform.

Sameer Patil , Chief Business Officer, BSE said that the deliveries and acceptance of Indian refined gold will facilitate greater participation on commodity derivatives segment of BSE. The move could potentially transform India’s status as ‘price-setter’ for gold and silver, he added.