In India Post Office is selling gold coins like hotcakes
From the humble post office to the bank, Indian consumers are lining up to buy gold. While coins are a current favourite to give-away during festivities, investors fearing the worst are hoarding gold bars
Author: Shivom SethPosted: Tuesday , 22 Mar 2011
MUMBAI -
The humble post office is the latest organisation to get into the gold act in India. Standard 24 carat gold coins have been selling like hotcakes at over 466 post offices dotted throughout the country.
Despite the current high price, Indian consumers have been buying small quantities of coins to give as gifts during the festival season. With the spring, harvesting and wedding season all in full swing in India, demand for the yellow metal has shown a substantial climb.
The gold coins are manufactured by Valcambi in Switzerland. ``Apart from enhancing the revenue of the postal department and services, the move has enabled us to usher in a new image of the India Post as a modern and relevant organisation. Gold coins are showing to have an immense pull-factor with the younger generation,'' said a postal official, requesting anonymity.
Despite the current high price, Indian consumers have been buying small quantities of coins to give as gifts during the festival season. With the spring, harvesting and wedding season all in full swing in India, demand for the yellow metal has shown a substantial climb.
The gold coins are manufactured by Valcambi in Switzerland. ``Apart from enhancing the revenue of the postal department and services, the move has enabled us to usher in a new image of the India Post as a modern and relevant organisation. Gold coins are showing to have an immense pull-factor with the younger generation,'' said a postal official, requesting anonymity.
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