The ONOR initiative, aims to streamline gold markets across the country.
New Delhi: Leading jewelers across the country have agreed to adopt One Nation One Rate (ONOR) policy for gold, which seeks uniform gold price across the country. The ONOR aims to mitigate gaps in pricing of the yellow metal in various states. The ONOR is also aimed to streamline the gold market, give respite to customers who can buy and sell gold in all the states at similar price platforms.
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The ONOR initiative, supported by the Gem and Jewellery Council (GJC) is scheduled to meet in September, after which an official announcement will be made.
“As the Chairman of the All India Gem & Jewellery Domestic Council (GJC), I firmly believe that implementing a ‘One Country One Rate’ policy for gold will bring significant benefits to the industry. This initiative will create a more transparent and uniform pricing structure, reducing discrepancies and fostering a fair marketplace for all stakeholders. It will also enhance consumer confidence, as they will no longer face varied pricing across different regions. Our council is committed to advocating for this policy and working collaboratively with the government to ensure its successful implementation,” Saiyam Mehra Chairman GJC said.
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Gold prices rose Rs 50 to Rs 75,150 per 10 grams in the local market on Monday amid fresh buying by jewellers even as the precious metal rates fell in the overseas markets. According to the All India Sarafa Association, the yellow metal prices closed at Rs 75,100 per 10 grams on Saturday.
Gold prices saw a rise in domestic demand. However, a weak trend in the global markets capped the gains, the association said.
Additionally, silver prices slumped Rs 500 to Rs 94,000 per kg. It had settled at Rs 94,500 per kg in the previous session.
Globally, spot gold was trading at USD 2,407.92 per ounce, down by USD 3.51 per ounce.
“Gold prices witnessed sharp volatility but managed to stay above USD 2,400, which it hit post the US Consumer Price Index (CPI) data last week. After the data release, it showed a somewhat lower-than-anticipated reading, driving up hopes that cooling inflation will give the Fed more confidence to begin cutting rates,” Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services Ltd, said.
