MCX Expands Good Delivery Framework For Gold And Silver

The Multi Commodity Exchange of India (MCX) has revised its Good Delivery norms to align with Bureau of Indian Standards-certified bullion and added four new domestic refiners to its approved delivery list, effective 13 July 2026.

The changes widen the pool of metal eligible for physical delivery on the exchange and could meaningfully boost domestic bullion availability at a time when import curbs are tightening supply.

What Has Changed

MCX previously had three approved domestic refiners, M.D. Overseas, Kundan Refinery and Zaveri and Company. Four have now been added:

• Titan Company: Now eligible to supply 1 kg gold bars in addition to Gold Mini contracts.

• Augmont Enterprises: Added to Gold, Gold Guinea and Gold Petal futures categories.

• Parker Precious Metals: Added to the same expanded contract categories.

• Sovereign Metals: Added across the same gold futures contracts.

Bullion from all seven refiners is now accepted for delivery obligations across MCX's full gold futures range: Gold 1 kg, Gold Mini 100 gm, Gold Ten 10 gm, Gold Guinea 8 gm and Gold Petal 1 gm contracts.

Why It Matters For Silver

The framework change is expected to have the biggest impact on silver. The central government imposed import restrictions on silver on 16 May, three days after raising customs duties on precious metals from 6% to 15%. India imports 7,000 to 8,000 tonnes of silver annually.

Silver recovered as a by-product during the refining of impure gold or dore gold can now more easily enter the organised market through MCX-approved refiners, improving domestic availability without relying on imports.

The Household Gold Angle

Industry executives describe the change as more than a technical amendment. The revised framework allows MCX-approved refiners to commercially source old jewellery and recycled gold from the open market, refine it to the India Good Delivery standard and deliver it against MCX futures contracts.

India holds an estimated 30,000 tonnes of gold in households, most of it idle. Unlike the Gold Monetisation Scheme, which required banks as intermediaries and saw limited uptake, this mechanism creates a direct, exchange-linked commercial route for recycled gold to enter organised markets.

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