E-trade of gold bars begins Aug 2

July 31st, 2010 - 5:42 pm ICT by IANS  

Kolkata, July 31 (IANS) National Spot Exchange Limited (NSEL) and Shree Ganesh Jewellery House Limited (SGJHL) would launch electronic trading of gold bars and coins from Aug 2, a statement said here Saturday.
In the first phase, SGJHL would sell imported London good delivery bar with a minimum booking volume of 1 kilogram and 0.995 percent purity. London good delivery bar is a bar of gold or silver, which meets the good delivery rules for gold or silver bars published by the London Bullion Market Association.

SGJHL would also soon look at expanding its base to other states in collaboration with NSEL and also offer 0.999 percent pure gold. SGJHL is an appointed canalizing agency for the Indian government with the requisite authorization to import gold.

SGJHL would maintain a minimum corpus of 150 kg of gold at any given point of time for the trade, it added.

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