India to host 2-day seminar on gold

India, the single largest importer and consumer of gold in the world, will host a two-day seminar `India Gold Convention 2004' later this month in Mumbai. Multi Commodity Exchange of India Ltd (MCX) will participate in the convention as 'exchange partner', the bourse said in a release.

The convention will be organised by Bangalore-based Foretell Business Solutions. The Bombay Bullion Association (BBA) would support it.

MCX said the meet would be the first of its kind in the country after the introduction of gold futures trading. The seminar will highlight market opportunities, new market instruments such as gold futures and its relevance in containing price risks.

Speakers from World Gold Council, MCX and BBA would provide insight.

Paul Walker, CEO of GFMS Ltd, will speak on global gold demand and supply, while Sanjeev Agarwal, managing director, India sub-continent, WGC, will discuss investment opportunities in gold.

MCX will conduct a training program on technical and operational aspects of futures trading in gold.

"Indian gold futures market is expected to multiply 10 times of spot market in the next three years to 8,000 tonnes of gold, valued at Rs 4,80,000 crore. With a 50 times multiple, which is a standard multiple factor in markets of COMEX, the Indian gold futures market is expected to grow to a staggering size of 40,000 tonnes of gold, valued at Rs 24,00,000 crore," Jignesh Shah, managing director of MCX, said.

Suresh Hundia, president of BBA, said IGC 2004 would highlight the need to continually evolve and innovate to establish leadership in the industry.

G Srivatsava, president of Foretell, predicted India had the potential to become the centre of global gold trade.

MCX, between November 11, 2003, and August 12, 2004, clocked gold turnover of more than 340 tons valued at around Rs 20,000 crore.