HDFC Bank, India’s leading private sector bank, has marked a significant milestone by executing its first gold forward deal from the Gujarat International Finance Tec-City (GIFT City). This achievement was made in partnership with Hindustan Platinum Pvt. Ltd., a globally recognized refiner and manufacturer of high-purity precious metals.
This development comes on the heels of the Indian government’s recent decision to empower domestic entities to hedge their gold price risks through GIFT City’s platform. In response, HDFC Bank is playing an active role in shaping a dynamic bullion ecosystem at GIFT City, with its International Banking Unit (IBU) positioned as a key contributor. The bank also holds memberships with the Indian International Bullion Exchange (IIBX), further enhancing its presence in the sector.
Arup Rakshit, Group Head – Treasury at HDFC Bank, expressed his enthusiasm about the achievement, stating, “We are delighted to announce the successful execution of the first gold forward deal from GIFT City. This milestone underscores our commitment to leveraging GIFT City’s opportunities and delivering innovative financial solutions. HDFC Bank will continue to provide tailored hedging solutions for the gems and jewellery sector, as well as for other industries, to help them manage risks effectively.”
As a nominated agency, HDFC Bank is in the process of becoming a special category client on IIBX and is now offering gold and silver forward contracts from the GIFT City platform, further expanding its product offerings.
Related topic:
6 Steps To Buy Gold Futures Fidelity
