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Leading agri-centric commodity futures trading platform National Commodity & Derivatives Exchange (NCDEX) launched Mumbai as its delivery centre for “Gold Now” contract, which was launched last month.
As an extension of the existing Gold Now contract, ‘Gold Now – Mumbai’ is a contract intended to make gold available specifically for bullion dealers and jewellery manufacturers, which would be available for trading from July 27.
NCDEX believes the new segment of the existing contract would help expand trading on the exchange platform and gold to get delivered through futures platform. This would help reduce imports.
The “Gold Now” platform is the first transparent and convenient online market for buying and selling gold. Aligned with the “Make in India” campaign of the government, the platform will accept gold recycled in exchange-approved refineries as Good Delivery.
“The Gold Now national marketplace is an endeavor towards creating an ecosystem that is at par with international standards. With the launch of the platform in Mumbai, we are hopeful it will help the local bullion and jewellery industry improve its efficiencies,” said Samir Shah, MD & CEO, NCDEX.
The Gold Now platform provides an impetus to the domestic recycling industry. After a year-long exhaustive and meticulous accreditation process which was designed and conducted by three leading experts of international repute, the Exchange has approved four domestic refineries as Good Delivery on the Gold Now platform. They satisfy the stringent financial, technical and customer due diligence standards established by the Exchange.
Gold Now offers bullion in 1-kg and 100-gram forward contracts for six centres with daily delivery facility through T+1 and T+2 settlement system. In addition to Mumbai, Hyderabad, Ahmedabad, Chennai and Delhi, delivery will also be available in Jaipur shortly.
