MCX widens domestic refiner pool, revises delivery norms

MCX has expanded its pool of approved domestic refiners and revised delivery norms for precious metals contracts. The change is expected to have the biggest impact on silver, after the Centre imposed import curbs and hiked customs duty on precious metals from 6 percent to 15 percent on May 16. The revised framework also allows MCX-approved refiners to procure old jewellery and recycled gold directly from the open market, refine it into India Good Delivery-standard bars, and deliver against MCX gold futures, creating an exchange-linked monetisation channel for India's estimated 30,000-plus tonnes of idle household gold.