Consider the following statements regarding Bullion 1. Bullion refers to physical gold and silver of high purity 2. It is often held as reserves by central banks 3. Bullion is always considered as a legal tender Which of the above statements is/are correct?

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2, 3

Answer: A

Notes:

International Financial Services Centres Authority(IFSCA) has launched the pilot run for the International Bullion Exchange.

What is Bullion?

Bullion refers to physical gold and silver of high purity that is often kept in the form of bars or coins.
Bullion can sometimes be considered legal tender and is often held as reserves by central banks or held by institutional investors.
Investors can buy or sell bullion through dealers who are active on one of several global bullion markets.

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