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Bullion traders seek excluding of gold, silver from MCX Trading

Written by: Staff
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New Delhi, Apr 26 (UNI) Bullion and jewellery traders of the country today sought government intervention in checking the unprecedented volatility in the prices of these precious metals that has adversely affected trade in the country.

Also, as a measure to stabilise the prices, the traders urged the government to exclude these metals from the MCX Trading.

The All India Sarafa Association (AISA), an apex body of bullion and jewellery traders in a communication to the Prime Minister and Finance Minister said, "the sudden rise and fall of gold and silver prices, many times in a day, has created instability in the minds of consumers as well as has affected the bullion trade adversely".

AISA President Sheel Chand Jain said the vast fluctuation in the prices of gold and silver was due to speculative behaviour of certain elements who are not interested in the overall growth of the economy but only to create panic in the market.

''We feel that this fluctuation is due to the Multi Commodity Exchange (MCX) trading besides involvement of speculators. Such volatile fluctuation in the trading of gold and silver is not conducive for the trade as well as a large number of small traders are involved in it. Also, the sudden price fluctuation has created a confusion and panic in the minds of consumers,'' Mr Jain said.

Bullion prices have been rising unabatedly in the last couple of months even as there is no physical demand of these commodities and the genuine buyer is also limiting its requirements for wedding and other purposes in view of rising prices of gold and silver.

UNI BBS SS HS1730

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