Fintotal News Analysis | 7% Discount on Gold Coins for Festive Season
7% Discount on Gold Coins for Festive Season
Ruby Jacob, 31 Oct 2012

This festive season starting 16 October 2012 to 31 December 2012 India Post will offer 7% discount on 24 carat gold coins of various denominations sold through its post offices across the country. The campaign is marketed in association with World Gold Council and with Reliance Money Infrastructure Ltd as the supplier and service provider.

India Post gold coins are sold in over 1000 post offices and focuses on small investors. They are offered in denominations of 0.5 gm, 1 gm, 5 gm, 8 gm, 10 gm, 20 gm and 50 gm and carry the logo of India Post.

Department of Posts is not alone in jumping the gold wagon. Private sector banks like ICICI Bank and public sector banks like Punjab National Bank, Oriental Bank of Commerce are offering 3-8% discount of gold coins. Jewelers are trying to woo customers with discounts too. 

Gold buying peaks in India during Akshaya Tritiya, Dusshera and Dhanteras festivals. Gold prices usually spurt during these periods. But this doesn't seem to deter buyers who consider these days auspicious to buy gold.

Common sense tells that investors should totally avoid buying gold coins and jewelry during these days. Unless it is being bought for jewelry use they should avoid physical gold and chose other ways like gold mutual funds, ETFs for gold investment. Gold coins in fact are the worst way to accumulate gold.

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