Bullion

Bullion refers to precious metals, chiefly gold and silver, held in bulk forms such as bars, ingots, or coins, whose value derives from the weight and purity of the metal itself rather than any collectible or jewelry premium.

For traders and investors, bullion is the underlying asset behind futures, ETFs, and physical investment. In India, gold bullion carries deep cultural and financial significance, and demand around festivals and weddings is a recurring driver of the physical market that feeds into MCX prices.

Bullion markets span physical (spot and over-the-counter) and derivatives (futures and options) trading. Understanding bullion as the core asset connects the dots between spot premiums, futures pricing, import parity, and the broader macro forces that move gold and silver.