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India questions London gold benchmark

IBJA raises concerns about LBMA's price fixing mechanism, says it doesn't match realistic prices in India

Rajesh Bhayani  |  Mumbai 

India has said it is setting its own gold standard, being among the largest consumers of gold historically. The Indian Bullion & Jewellers’ Association declares opening and closing gold prices daily based on which sovereign gold bonds are priced.

The London Bullion Market Association fixes gold’s opening and closing prices internationally. Addressing a seminar in Mumbai, IBJA President Mohit Kamboj said the London Bullion Market Association quotes did not match prices in India. Ruth Crowell, chief executive officer of the London Bullion Market Association, reacted to this ...

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First Published: Wed, August 10 2016. 22:34 IST