Plan for gold spot exchange picks up pace; govt approval awaited

A panel led by the head of the Indian arm of the World Gold Council (WGC) and industry stakeholders, including 12 domestic banks, eight foreign institutions and trade bodies, have proposed a spot exchange for gold. 

The WGC, market development body for the gold industry, had earlier volunteered to play a role. When the government approves the proposal, it will invite all stakeholders. The report on the issue is now with the Union ministry of finance. 

The exchange is envisaged as connecting all stakeholders — jewellers, bullion dealers, gold refineries and consumers. 

The Union government had already decided to set up a precious