Gold firm as rising risk appetite offsets Fed pause views

Gold prices held steady on Monday as expectations that the US Federal Reserve will pause its multi-year interest rate hike cycle, were offset by a recovery in investor appetite for risk.

Spot gold was trading up 0.1 percent at $1,282.31 per ounce by 0306 GMT, while US gold futures were steady at $1,282 per ounce.

"Dovish signals (from the Fed) have kept dollar strength in check, helping gold. But on the other hand, we have seen them easing bearish sentiments in equity markets," said Benjamin Lu, analyst at Phillip Futures, Singapore.

Less than two weeks ahead of the US central bank's first policy meeting of the new year, Federal Reserve officials have left little doubt that they want to stop raising interest rates - at least for a while.

Slower global growth, a stock meltdown last quarter, and a partial US government shutdown that threatens consumer confidence and spending have many in the Fed worried.

"We have seen very positive conditions in US equities and the dollar has also seen a series of positive trades. All these competing influences have capped the safe-haven appeal," Lu said, adding that gold was facing strong technical resistance at $1,300 levels.

Gold has risen more than 10 percent since touching 1-1/2-year lows in mid August, mainly due to tumultuous equity markets and a softer dollar.

Asian markets were steady on Monday, after Wall Street posted a fourth straight week of gains last week.

"On the longer run, we are still very positive on gold on a synchronised slowdown in global economic conditions and geopolitical uncertainties," Lu said.

Data on Monday showed the Chinese economy slowed at the end of last year, underlining the urgent need for more stimulus as Beijing wrestles with the United States over trade.

Investors are also waiting to hear British Prime Minister Theresa May's 'Plan B' for Brexit, which is due to be presented to parliament later on Monday, after her deal was rejected by lawmakers last week.

Reflecting investor appetite for gold, holdings of SPDR Gold, the largest gold based exchange traded fund, rose 1.5 percent on Friday to 809.76 tonnes.

Meanwhile, spot palladium, which hit a record high of $1,434.50 last week, was up 0.4 percent at $1,382 on Monday.

"Palladium has eased lower as investors took profits after the recent strong run," ANZ analysts said in a note.

Palladium has risen 9.5 percent so far this month on supply concerns in South Africa and Russia, which are keeping the market tight amid strong demand, the note said.

Spot silver was steady at $15.33, while spot platinum fell 2.3 percent to $796.

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Source: Moneycontrol

Today Gold Updates Trading Rules

Buy Signal: When all the mcx gold short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx gold short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in gold. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in gold is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

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Gold holds firm on failed Brexit vote, Fed rate hike pause hopes

Gold held steady on Wednesday, supported by uncertainty around Brexit, after lawmakers voted down British Prime Minister Theresa May's deal to leave the European Union, and hopes for a rate hike pause by the US Federal Reserve.

Spot gold was steady at $1,289.31 per ounce at 0251 GMT. US gold futures were also firm at $1,288.80 per ounce.

"The safe haven appeal is quite strong as there are rising possibilities of a disorderly Brexit," said Benjamin Lu, analyst with Phillip Futures, adding the metal was holding pretty well despite competing influence from US equity markets

British lawmakers defeated May's Brexit divorce deal by a crushing margin, triggering political chaos that could lead to a disorderly exit from the EU or even to a reversal of the 2016 decision to leave.

"We are seeing weakness in economy in China as well as the US and markets are expecting that Fed might slow interest rates in the near future," Lu said.

In separate appearances on Tuesday, Fed policymakers from across the spectrum of views agreed the central bank should pause further rate hikes until it is clear how much the US economy will be held back by larger risks like slowing growth in China and narrower ones like the ongoing budget stalemate in Washington.

Gold tends to gain on expectations of lower interest rates, as they reduce the opportunity cost of holding non-yielding bullion. Lower interest rates also tend to weigh on US yields and the dollar, in which gold is priced.

The US economy is taking a larger-than-expected hit from a partial government shutdown, White House estimates showed on Tuesday, with the longest such shutdown in US history dragged into its 26th day.

"The scaling back of (Fed rate hike) expectations removes a key drag on prices that hindered much of the upside momentum in 2018," Standard Chartered said in a research note.

"The macro backdrop is shaping up to be more supportive for gold. However, we would caution restraint for now, as inflationary risks have been contained, US dollar weakness stalled in recent sessions and equity markets have stabilised."

Spot gold has gained more than 11 percent since hitting a 1-1/2-year low in mid-August at $1,159.96, mostly due to tumultuous stock markets and a weakness in the US dollar.

Among other precious metals, palladium rose 0.2 percent to $1,321 an ounce. It hit a record high at $1,342.43 last week.

Platinum was steady at $793.50, while silver slipped 0.2 percent to $15.55 an ounce.

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Source: Moneycontrol

Amid global political uncertainities, positive on gold for the week

All commodities ended the week on a positive note except for aluminium, as the dollar weakened on optimism about the US-China trade talks. Crude oil was the top gainer, a more than 8 percent rise. In fact, from its December low, crude oil has risen more than 26 percent. Hence, sentiment in crude oil has turned bullish.

Base metals have appreciated after a dismal December even after Chinese economic data disappointed the street. Gold shone nearly 1.5 percent brighter due to the US Fed's dovish statements and an increase in investment demand in gold-backed exchange-traded-funds.

The ETF demand increased because of the persistent political risk in the US and the UK. The impasse over President Donald Trump's campaign promise to build a wall along the US-Mexico border has now led to the longest US government shutdown ever.

The dollar fell to three-month low because of optimism about the US-China trade talks that ended on a positive note on January 9. Moreover, dovish FOMC minutes pushed the greenback lower. On January 11, the Fed chair echoed the same tone in his speech as he said that the Fed had the ability to be patient regarding monetary policy and downplayed the possibility of more than two rate-hikes in 2019.

Meanwhile, the World Gold Council has bet on gold in 2019 because of rising uncertainties around the world. Gold is getting a boost from mounting speculation that the Fed may pause in raising borrowing costs, boosting the appeal of the non-interest-bearing metal.

From an economic data viewpoint, due to the US government shutdown, no major economic data was released last week. Hence, this week will be full with loads of data if the US government retreats from its partial shutdown anytime soon. However, the Trump administration's multiple meetings with the opposition has failed every time.

Hence, safe-haven buying is likely to emerge in the yellow metal. Moreover, in the last five years, gold has yielded positive returns in January. Hence, we believe this seasonal pattern will work in favour of the bulls.

The Chinese Lunar New Year is due from the first week of February. Hence, jewellery demand from China may arise. Moreover, on January 8, British Prime Minister Theresa May suffered another setback to her Brexit withdrawal deal.

Members of her own Conservative Party joined opposition Labour Party MPs in favour of a vote to curb the government's spending powers if Britain fails to secure an agreement deal regarding its exit from the European Union. Hence, we would like to stick to our view of a positive outlook on gold for this week.

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Source: Moneycontrol

Gold rises as expectations of Fed pause keeps lid on dollar

Gold prices rose on Monday as the dollar fell on expectations that the US Federal Reserve will not raise rates this year and as Asian markets dropped after lacklustre China data reflected a slowdown in the world's second-largest economy.

Gold tends to gain on expectations of lower interest rates, as they reduce the opportunity cost of holding a non-yielding bullion and trims the demand for US dollar, making the yellow metal less expensive for holders in other currencies.

Spot gold was up 0.3 percent at $1,291.42 per ounce, as of 0411 GMT. US gold futures were up 0.2 percent at $1,291.40 per ounce.

The weakness in equities and US dollar appear to be a bonding providing support for gold, said Michael McCarthy, chief strategist, CMC Markets and Stockbroking.

"There is a key resistance between $1,290 and $1,310. Gold will need to do substantial work to rise above this level as generally we see traders shorting into it."

The US central bank had the ability to be patient on monetary policy given stable price measures, US Federal Reserve Chairman Jerome Powell said last week, and he downplayed predictions from policymakers suggesting interest rates would be raised twice more this year.

"The market feels there is a shift in the Fed's stance and it is more accommodative and we are seeing the dollar weakening for several sessions," McCarthy said.

Meanwhile, Asian shares tumbled on Monday after a shock contraction in Chinese December exports, which fell 4.4 percent from a year earlier, the biggest monthly drop in two years, official data showed on Monday.

Spot gold has gained over 11 percent since hitting a 1-1/2-year low in mid-August at $1,159.96 due to volatile stock markets and a weaker dollar.

"The precious metals sectors continues to benefit from a weaker US dollar and periodic weakness in equity markets," ANZ said in a research note.

"The geopolitical risks have also started to induce some safe-haven buying. Investors are becoming increasingly worried about the Brexit negotiations. At the same time, there appears no end in sight for the US government shutdown," ANZ noted added.

A partial US government shutdown over President Donald Trump's demand for $5.7 billion to build a wall along the US-Mexico border entered its 24th day on Monday, with no end in sight.

Spot gold remains neutral in a range of $1,279-$1,299 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.

Among other precious metals, palladium fell 0.6 percent to $1,310.45 an ounce. It hit a record high at $1,342.43 last week.

Platinum slipped 0.5 percent to $806.24; while silver inched down 0.1 percent to $15.58 an ounce.

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Source: Moneycontrol

Gold prices are expected to trade sideway today

                    

Last week, Spot Gold prices rose marginally by 0.3 percent to close at $1292.05 per tonne. While on the MCX prices rose 1.15% to close at Rs.32012 per 10gms. Prices started to rise after US and China resumed their trade talks to end the tariff dispute. However, global rebound in equities after dovish remarks from FED pointed towards an improved risk appetite amongst investors might reduce demand for the yellow metal. FED Chairman, Jerome Powell further confirmed slowdown in the rate hike in 2019, which pushed the Dollar Index lower. The Minutes of the FOMC (Federal Open Market Committee) Dec 2018 policy meeting which released last week further confirmed slowdown in the rate hike. Gains were restricted after Global stock rally over optimism of a possible trade deal between US - China pointing towards increasing risk appetite amongst investors in turn reducing the demand for Gold. However, Increasing Gold ETF demand restricts the downtrend in the precious metal.

Outlook

International markets trading higher by 0.16 percent at $ 1291. 5 per ounce. Rate hike pause by FED might support Gold prices. On the MCX, gold prices are expected to trade sideways.

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Source: Moneycontrol

Gold prices rise as Fed rate tone weakens dollar

Gold prices climbed on Friday as the dollar fell back on expectations the US central bank may pause interest rates hikes if the US economy slows this year, while investors awaited news on progress in the Sino-US trade talks.

Spot gold rose 0.4 percent to $1,290.84 per ounce as at 0310 GMT, heading for a fourth straight weekly gain. The yellow metal is up 0.4 percent so far this week.

US gold futures were up 0.3 percent at $1,290.8 per ounce.

"The weaker dollar and a more dovish Fed are the two most alluring factors for gold," said Stephen Innes, APAC trading head at OANDA.

"There are concerns for the US economy to slow down, perhaps towards the end of 2019 and into 2020, so the markets are pricing rate cuts."

The dollar slipped against other major currencies, after having rebounded from three-month lows on Thursday following Federal Reserve Chairman Jerome Powell's comment which suggested the central bank is not done tightening monetary policy just yet.

A partial US government shutdown extended into its 20th day and provided little comfort to the US currency, after President Donald Trump threatened on Thursday to use emergency powers to bypass US Congress to pay for a wall on the US-Mexico border.

"The (gold) market is holding back a little as they are concerned the equity market could rally significantly on trade war truce," Innes said.

Asian equities inched up to one-month highs, but the rally's momentum slowed partly as investors sought more clarity on whether the United States and China could make headways on their talks on trade as well as intellectual property rights.

"Dilemma over the US-Sino trade dispute is still raising eyebrows and needs clarity," said Sugandha Sachdeva, vice-president - metals, energy and currency research, Religare Broking Ltd.

"Once trade issues are resolved, the dollar is likely to remain suppressed, losing its appeal as a safe haven...Gold on the other hand would stand to benefit."

Also aiding gold's upward trend are concerns of weakening global growth, further emphasised by sombre data out of Switzerland and France on Thursday.

"Gold will likely approach the short term resistance of $1,310 per ounce, from where some profit-booking can be seen," said Religare Broking'S Sachdeva, adding that near term support can be seen at $1,275 per ounce.

Spot gold is expected to retest a resistance at $1,299 per ounce, with a good chance of breaking above this level and rising further to $1,311, according to Reuters technical analyst Wang Tao.

Palladium 0.4 percent to $1,326.75 per ounce, and was up about 2 percent for the week.

Silver climbed 0.6 percent to $15.65. However, it was poised to snap three sessions of weekly gains.

Platinum was up 0.2 percent at $821.60 per ounce.

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Source: Moneycontrol

Today Gold Updates Trading Rules

Buy Signal: When all the mcx gold short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx gold short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in gold. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in gold is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

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Gold falls on improved risk sentiment, dollar recovery

Gold prices fell on January 8 as risk appetite improved on bets China and the United States may be closing on a trade deal, and as the dollar bounced off a 2-1/2-month low hit in the previous session.

Spot gold was down 0.5 percent at $1,282.70, as of 0516 GMT, while US gold futures were 0.5 percent lower at $1,283.50 per ounce.

"Because of improved investor sentiment, gold is coming off its highs and may have to stay around the current levels," said Mark To, head of research at Wing Fung Precious Metals in Hong Kong.

"The market has been troubled by uncertainties around trade war and interest rate hikes. However, now most of the stake holders, including the authorities in US, China and Fed, are trying to cooperate and put up a positive tone and create a stable environment for investors."

Most Asian shares were propped up on January 8 by hopes that Washington and Beijing may be inching towards a trade deal after positive comments from US Commerce Secretary Wilbur Ross.

"A lot of people had gone long in gold as they bet that economic growth in US and China might slow down due to the trade war," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

"If there are positive outcomes (in the trade talk) there could be some profit taking (in gold)."

The dollar index was up 0.3 percent, moving away from a 2-1/2-month low hit in the previous session after US Federal Reserve chief Jerome Powell hinted on January 4 that the central bank could pause its multi-year rate-hike cycle.

Gold is declining as the dollar is showing early signs of shaking off its recent bout of Fed-induced weakness, said Stephen Innes, APAC trading head at OANDA.

"However, the positive chatter around US-China trade tensions will temper expectations (for the dollar)," Innes said.

A weaker dollar makes dollar-denominated gold more affordable for buyers using other currencies.

Gold prices have gained about 11 percent since hitting a more than 1-1/2-year low in mid-August due to tumultuous stock markets and a slightly weaker dollar. Bullion prices hit their highest since June 2018 at $1,298.42 on Friday.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, saw a bit of outflows on January 4. But, holdings are still at their highest since August 2018, underpinning demand for the safe-haven metal.

Palladium, meanwhile, rose 0.1 percent to $1,301 an ounce, but was still in the vicinity of the record high of $1,313.24 hit in the previous session. The metal was trading at a premium to gold.

Silver edged 0.6 percent lower to $15.55 per ounce, while platinum fell 0.8 percent to $815.50, having hit its highest in more than a month at $831.10 on January 7.

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Source: Moneycontrol

Gold up as US Fed stance pricks dollar, stocks rally cap gains

Gold rose on Monday, helped by a weaker dollar on expectations that the US Federal Reserve might apply brakes on its monetary tightening cycle in 2019, although an improved risk appetite limited gains for the safe haven metal.

Spot palladium, meanwhile - which broke through $1,300 on Friday to hit its highest on record at $1,310 per ounce - eased slightly, but was still trading at a slight premium to gold.

Spot gold was up 0.3 percent at $1,288.60 per ounce, as of 0306 GMT and US gold futures gained about 0.4 percent to $1,290.70 per ounce.

"The dollar is weak, aiding gold. Also, Jerome Powell's views on Friday about the future of interest rate hikes is a bullish factor for gold," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank.

US Fed chairman Jerome Powell said on Friday that he was aware of the risks related to an economic slowdown and would be patient and flexible in policy decisions this year.

"Gold prices will be going higher in due time because of the Fed comments. Maybe, people have already started buying," Ikemizu said.

The dollar index, which tracks the US currency against six major peers, fell 0.2 percent.

Investors had expected the Fed to stay on its tightening path after three hikes last year, but the ongoing trade war and recent disappointing corporate earnings have put those expectations to rest.

Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion.

"Given the uncertain financial market climate, gold should continue to flourish, and for those that have missed the boat, pullbacks could be an excellent opportunity to engage," Stephen Innes, APAC trading head at OANDA in Singapore, said in a note.

"But in the unlikely case that stock markets start to draw more affection from investors, gold could struggle over the near term to regain momentum and prices could slip aggressively."

A relief rally in Asian equities triggered by the Fed's dovish stance and strong US jobs data limited the yellow metal's upward momentum.

An upbeat US non-farm payrolls report on Friday showed 312,000 net new jobs were created in December, while wages rose at a brisk annual pace of 3.2 percent.

Meanwhile, markets were closely watching trade negotiations between Washington and Beijing starting later today.

US President Donald Trump said on Friday that China's weakening economic growth puts the United States in a strong position as negotiators, increasing investors optimism for a probable trade deal between the world's two largest economies.

Indicating investor appetite for gold, holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.37 percent to 798.25 on Thursday.

Among other precious metals, palladium was down 0.3 percent at $1,296.99 per ounce.

Silver was up 0.5 percent at $15.77 per ounce, while platinum gained 0.1 percent to $823.40.

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Source: Moneycontrol

Today Gold Updates Trading Rules

Buy Signal: When all the mcx gold short-term Exponential Moving Averages (EMA) crosses the long-term Exponential Moving Averages (EMA) from below, signals for a uptrend.

SELL Signal: When all the mcx gold short-term Exponential Moving Averages (EMA) cross the long-term Exponential Moving Averages (EMA) from above, signals for a downtrend.

Trend Strength: Another application of Guppy multiple moving average system is to analyze the strength of the current trend in gold. If the EMA lines of short term and long term moving averages are wide separated by a uniform distance then the trend in gold is seen as stable. If there's no wide separation, then the prevailing trend is weak and vulnerable.

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Gold off six-and-a-half month peak on equity rebound, stronger dollar

Gold prices inched down from their highest level in over six months on Wednesday after a rebound in equity markets and a stronger dollar dented the precious metal's appeal.

Spot gold was down 0.1 percent at $1,280.81 an ounce at 3:20 p.m. EST (2020 GMT), having earlier touched its highest since June 15 at $1,288.66.

US gold futures settled up 0.2 percent at $1,284.10 per ounce.

"The equity markets turned around. Secondly, the dollar index got very strong; it is testing the 97 level again. Both of these factors are putting pressure on the price of gold," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.

"I think gold will have a very good 2019. The dollar will continue to weaken. Even though it's up today, it is just an aberration."

The US benchmark S&P 500 stock index was trading lower but was above the day's trough after dropping as much as 1 percent earlier in the session.

The dollar index rose 0.7 percent against the euro and sterling on Wednesday.

Meanwhile, euro zone manufacturing activity barely expanded at the end of 2018 in a broad-based slowdown, while China's factory activity also contracted for the first time in 19 months in December.

Gold priced in euros jumped to 1,134.08 euros an ounce, its highest level since mid-June 2017. In sterling terms, gold climbed to its highest level since early September 2017, at 1,022.80 pounds an ounce.

"There is some fading optimism for the euro zone area which is giving gold quite a good lift. It is a continuing trend of what we've seen in the latter part of last year," said Ross Norman, chief executive officer of Sharps Pixley.

Spot gold prices gained about 5 percent last month, the most since January 2017. Some investors expect the precious metal to pass the $1,300 psychological resistance level in the near-term.

Markets are now awaiting views from Federal Reserve Chairman Jerome Powell on the US economic outlook and hints about interest rates in 2019 when he participates in a joint discussion on Friday with former Fed heads Janet Yellen and Ben Bernanke.

There are expectations that a three-year rate-hiking cycle in the United States has come to a close, which would be beneficial for non-yielding bullion.

Further pointers are expected this week from a closely watched survey on US manufacturing, due on Thursday, followed by the December payrolls report on Friday.

Among other precious metals, palladium fell 0.5 percent to $1,257.50 an ounce.

Silver gained 0.3 percent to $15.49, having earlier touched its highest since July 31 at $15.61, while platinum rose 0.2 percent to $792.70.

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Source: Moneycontrol

Gold prices to trade higher today: Angel Commodities

On Wednesday, spot gold prices rose by 0.2 percent to close at $ 1284.7 as slowdown in the global growth increased demand for safe haven assets. Weak manufacturing sector numbers published by Europe and China mounted concerns of a global economic slowdown pressurizing the stock markets which triggered demand for the yellow metal. However, uptrend in the Dollar Index capped the gains. On the MCX, gold prices rose 0.6 percent to close at Rs.31610 .0 per 10 gms.

Outlook

International markets trading higher by 0.44 percent at $1289.8 5 per ounce. Concerns over global economic slowdown might support the yellow metal prices. On the MCX, gold prices are expected to trade higher.

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Source: Moneycontrol

Gold prices to trade lower today: Angel Commodities

On Monday, spot gold prices declined marginally by 0.04 percent to close at $1 282.2. Gold prices head towards first yea rly fall in three years, losing its gains to a stronger dollar buoyed by trade tensions and rising interest rates by the U.S. Federal Reserve. Spot prices have gained about 5 percent in December, the most since January 2017 supported by falling equities in the global markets which weighed on the economic outlook. On the MCX, gold prices rose 0.1 percent to close at Rs.31422.0 per 10 gms.

Outlook

International markets trading higher by 0.27 percent at $1284.65 per ounce. We expect gold prices to trade lower today as global equities rise over gains in US stock futures which shows improving risk appetite amongst investors. On the MCX, gold prices are expected to trade flat.

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Source: Moneycontrol

FinMin bats for 'single rate-single exchange' for gold spot exchange

The Finance Ministry has proposed setting up a single gold spot exchange at a meeting with exchanges last week, all of which want to set up individual spot exchanges.

The Finance Ministry suggested to exchanges they work together to create a single spot exchange in which they could all hold stake, according to a source who was present at the meeting.

After NSEL went bust following a Rs 5,600-crore scam, there has not been an operational spot exchange in India. Exchanges such as MCX and BSE have sought to set up their own exchanges.

As opposed to a commodity derivatives exchanges, which offer both cash- and delivery-settled contracts, and are used for both hedging and speculation, spot exchanges offer delivery-based mechanism for purchase of commodities. Spot exchanges offer settlement on a T+11 basis.

“The Finance Ministry thinks that a single exchange will be better placed to create a liquid market,” another source present at the meeting told Moneycontrol.

The Finance Ministry is keen to take on the dabba market, the illegal system through which off-the-market trades take place.

A source also told Moneycontrol that exchanges may not be keen to take up on the Finance Ministry’s proposal. “A single exchange formula is good but it will not be easy to implement [due to competing interests]. Most exchanges have already done initial work in setting up their own spot exchanges.”

Exchanges on their part pitched for the abolition of the commodity transaction tax (CTT). CTT was introduced in Budget 2013 but exchanges maintain that any revenue gains through it are not commensurate to the losses incurred due to unofficial trades it encourages.

The NITI Aayog in February 2018 submitted a report on ‘Integration of Commodity Spot and Derivatives Market’ that dealt with benefits and challenges in setting up national spot exchanges.

In the report, the NITI Aayog pitched for SEBI to take up regulation of spot exchanges, a role the securities regulator is not keen to take up.

Moneycontrol reported in October that the government may accept SEBI’s suggestion to appoint a sectoral regulator for a gold spot exchange.

In Budget 2018, Finance Minister Arun Jaitley said the government would formulate a comprehensive gold policy to develop gold as an asset class, including establishing “a system of consumer-friendly and trade-efficient system of regulated gold exchanges in the country.”

The proposed gold policy is expected to come out shortly.

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Source: Moneycontrol