Bullion and jewellery trade seek exclusion of gold trading from MC

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New Delhi, Apr 3 (UNI) Bullion and jewellery traders from all over the country today strongly demanded exclusion of gold and silver from MCX trading which is having adverse effect on the trade and has also created a confusion and panic in the minds of consumers.

All India Sarafa Association (AISA) in a letter to the Prime Minister and Finance Minister has urged that ''in the interest of the traders and consumers, gold and silver should be excluded from the MCX Trading. This is the view of the entire business community in the country''.

AISA President Sheel Chand Jain, in his letter, submitted that there has been vast fluctuation in the price of gold and silver due to speculative behaviour of certain elements, who are not interested in the over all growth of the economy, but only to create panic in the market. This sudden rise and fall of gold and silver prices many times a day, has created instability in the minds of consumers as well affected the bullion trade adversely''.

He further said that this fluctuation in the metals is due to the Multi Commodity Exchange trading besides involvement of speculators.

''There is no reason for such volatile fluctuation in the trading of gold and silver where large number of small traders are involved throughout the country,'' Mr Jain added.

The apex body feels that ''it is not the matter of volume of the business conducted on MCX but it is the large segment of Indian population which is being affected. More so it is the poor and economically weak section of the country which has been hard hit. MCX trading of gold and silver will ruin the trade and the country.'' Mr Jain urged the Government to give reconsideration and review the problem in the larger interest of the population and an early action in this regard.

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