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Gold/Mining/Energy : Gold Price Monitor

GDXJ 108.88

+4.2%

Dec 9 4:00 PM EST

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To: goldsheet who wrote (90849)	11/2/2002 9:51:18 PM
From: goldsheet	Read Replies (1) of 116801

Banks allowed to take up forward trading in gold thehindubusinessline.com "In what is seen as a possible first step in opening up the Indian bullion market, all scheduled commercial banks authorised to deal in gold have been permitted to enter into forward contracts with their constituents (exporters of gold products, jewellery manufacturers, trading houses etc) in respect of the underlying sale/purchase and loan transactions in gold with them. " "The tenor of the forward contract should not exceed six months, the circular said. Banks have been asked to put in place appropriate risk management mechanism for the purpose, like hedging their position either with other authorised banks or through exchange-traded and over-the-counter hedging products available overseas. "

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