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Tuesday, 27th September 2005 (7668 views)

India's Multi Commodity Exchange (MCX) has experienced a record turnover and volume of gold.

On September 22nd the MCX saw the trading of 32,867kg of gold, valued at Rs 2,208 crore (single side).

India is traditionally one of the world's largest consumers of gold, a commodity preferred as a store of value and safe investment in the country.

Commenting on the state of the gold market, Jignesh Shah, managing director and chief executive officer of MCX , said: "Portfolios that are primarily in traditional financial assets such as stocks, bonds and mutual funds are looking at adding gold as it combines its intrinsic strength as a store of value to the opportunities of a new asset class.

"This will also lead to well-diversified portfolios with lesser risk," he told The Financial Express.

Gold prices are currently at a 17-year high globally, and an all time high in India.

 

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