Bullion

Bullion refers to gold and silver in their physical, refined form — typically in the shape of bars, ingots, or coins — valued primarily for their precious metal content rather than their form as jewellery or industrial products. Bullion prices are quoted per troy ounce internationally on the London Bullion Market Association (LBMA) and domestically on MCX (Multi Commodity Exchange of India) in rupees per 10 grams for gold and per kilogram for silver. In India, bullion serves simultaneously as a commodity, an alternative investment, a cultural asset (particularly gold in weddings and festivals), and an inflation hedge. Indian demand for gold bullion is among the highest in the world — driven by physical consumption, investment demand, and central bank reserves. Besides physical bullion, Indian investors can gain exposure through Gold ETFs, Sovereign Gold Bonds (SGBs), digital gold platforms, and gold mutual funds — each offering different trade-offs between convenience, liquidity, cost, and tax efficiency.