World Gold Council rolls out ‘Gold as a Service’ platform

New Delhi:The World Gold Council’s 'Gold as a Service' platform announced on Monday to create a new market infrastructure to link physical custody of yellow metal with digital systems will improve access to digital gold products.

The report from Boston Consulting Group India said Gold as a Service would act as an open platform, connecting the physical custody of gold with the "digital systems used to issue and manage gold-backed products."

By standardising custody coordination, reconciliation, compliance and redemption, the new model aims to reduce operational complexity, improve access and enable greater consistency across digital gold products, the report said.

The report described “Gold as a Service” as a platform to support the issuance and operation of scalable, interoperable digital gold products.“God is deeply woven into India’s cultural and financial fabric, with households holding over 25,000 tons. ‘Gold as a Service’ presents a transformative opportunity to modernise and digitize access for millions of Indian investors," said Abhishek Bhatia, Managing Director and Partner, BCG

Bhatia said the shared infrastructure will enable seamless digital gold products' access across India’s fintech ecosystem and UPI-driven payments landscape.

Gold plummets 5.89% during previous week

New Delhi: Gold prices dipped 5.89 per cent during the previous week, over successive sessions of profit booking and stronger dollar. Precious metals are set to enter this week under visible pressure, following a sharp corrective phase amid mixed signals from ongoing Middle East geopolitical developments, analysts said.

While safe-haven demand had earlier supported the rally, recent volatility has impacted investors' sentiment, they added.Israel’s strikes on Iran’s South Pars gas field and Iran’s retaliatory attacks on energy infrastructure across Gulf nations, has pushed crude oil and natural gas prices, raising the possibility of imported inflation globall