Page 18 - Bullion World Issue 12 Volume 05 December_2025

Bullion World | Volume 5 | Issue 12 | December 2025

Gold Spot Exchange -

Hangover of Union Budget

Over the Years

Mr James Jose
President, Precious Metals Refineries Forum & Managing Director, CGR Metalloys Pvt. Ltd.,

Over the recent years, the Govt and various stake
holders have been discussing that India shall become
a global price maker for gold, rather than a price taker,
which shall change the business dynamics of the gold
ecosystem in India. Setting a transparent gold pricing
across India at the spot exchanges, has the immediate
potential of unlocking several hundred tonnes of gold
into recirculation. Such a monetisation of the idle gold
holdings offers excellent avenues for all the stake
holders such as the gold refineries, bullion traders,
jewellery shops, manufacturers, exporters, consumers
etc. The Govt shall be the biggest beneficiary,
with reduction in imports and resultant savings in
precious foreign exchange and CAD, in addition to the
considerable earnings in GST revenue from old gold
coming into recirculation.

Globally gold trading is happening 24 hours across
various commodity exchanges located at different
time zones. London metal exchange - LME starting
from noon in India, New York/ Comex in Indian Mr James Jose
evening hours, Shanghai in midnight and Tokyo in the
morning.Still London is the dominant price maker, due
to Europe’s predominance in bullion and currency
trading. India, the largest gold consumer (BIS portal
indicate 1200 tonnes of jewellery being hallmarked
per annum) is no where in the picture and the Indian
gold business is still dependent on the daily London
spot pricing, that starts in the noon of Indian standard
time. China is considered to be the largest producer
and consumer of gold. The Shanghai gold exchange
(SGE) has become a dominant price maker, with their
gold trading volumes of 40,000 tonnes per annum
at the exchange. Over the years, China’s domestic
consumption is gradually coming down due to their
ageing population, lower marriages, child births,
festivities etc, but SGE is still a dominant price maker
of gold globally

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