India will be the global gold price setting body

New Delhi: India is planning to become a gold price setter, the Chamber of Commerce of India said at a gold and gemstone conference. The industry said at the event,

Gold price

India will emerge as a country that sets gold prices

India is a global gold price setter. Instead, it should become a gold price setter.

Domestic mining will help in this. Domestic production will meet 20 percent of the country's gold demand in the next decade.

Due to insufficient domestic gold production and the lack of a gold banking system, we have to depend on the London market price. In the next 2-3 years, India will emerge as the world's jewelry hub. Gold and jewelry purchases should be honest and transparent.

The Indian Standards Institution plays a key role in determining the quality of gold. Similarly, the OECD and London Bullion Market Association standards can also be adopted or equivalent standards can be developed. Similarly, the ban on the export of 24-carat gold from India has been in place since 2012-13. It should be lifted.

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