India's Working With World Gold Council to Create a Spot Exchange
- Gold bourse may start up as soon as next year, official says
- Challenges to overcome include vaulting, state jurisdiction
One-kilogram gold bars are arranged for a photograph at a Tanaka Kikinzoku Kogyo K.K. store in Tokyo, Japan, on Wednesday, July 10, 2013. Gold headed for the best weekly performance since October 2011 after Federal Reserve Chairman Ben S. Bernanke called for maintaining stimulus, while assets in the largest bullion-backed exchange-traded product held steady.
Photographer: Junko Kimura/BloombergThe World Gold Council is working with the Indian government on plans to create a local physical spot-gold exchange that may start up as soon as next year.
“We are working on a gold exchange for India,” P.R. Somasundaram, managing director for the World Gold Council in India, said in an interview in London on May 15. “The finance ministry has formed a gold committee. And the committee has taken this as one of the things to do.”