MCX empanels two Indian refiners for gold supply

Multi Commodity Exchange of India (MCX) on Thursday stated it has empanelled two home bullion refiners — M D Overseas and Kundan Care Products — for gold supply on its platform.
At current, gold and silver bars of London Bullion Market Association accepted refiners are deliverable on the trade, MCX stated in an announcement.
Further, the trade famous that originally, acceptance of gold bars refined by the empanelled home refiners would start for supply within the by-product contracts with gold 100-gram bars as underlying.

It is predicted that few extra refiners, who’re at numerous phases of the audit course of, would additionally get added to the listing shortly, MCX stated.
“This will pave the best way for the acceptance of regionally refined gold and silver bars of refiners who’ve met all exchange-set eligibility standards and necessities of outlined technical qualification audits in addition to monetary audits.
“It will facilitate the expansion of the organised bullion trade in the country and enhance transparency. This move is also expected to further integrate exchange ecosystems with the domestic physical industry,” MCX managing director and CEO PS Reddy stated.

MCX has seen the supply of greater than 118 tonnes of gold and greater than 3,500 tonnes of silver since its inception.