Buy Gold Coins at 7% discount from Indian Post Offices

Buy Gold Coins at 7% discount from Indian Post Offices

This Akshaya Tritiya would bring smiles to gold lovers. Akshaya Tritiya festival is considered as one of the most auspicious occasions for buying gold. World Gold council in partnership with Indian Post Office and Reliance Money is offering Gold Coins at 7% discount on daily retail prices on the occassion of Akshaya Tritiya.

About Gold coins offered by India Post offices

World Gold council has announced 2 days back that it has partnered India post office and Reliance Money and promoting gold in India. During Akshaya Tritiya, it has special offer, where gold buyers would get 7% discount on retail prices. The gold coins are 99.99% pure and Swiss-Manufactured. The gold coins offered are in the denomination of 1gm, 5 gm, 8 gm, 20 gm and 50gm. The special discount offer on gold coins is available up to 30-Jun-2013. These gold coins bear logo of India Post Office.

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Is this a good offer of buying Gold coins from India post office ?

Gold prices have dropped from its peak of Rs 3,300 per gram to Rs 2,600 per gram. It is currently available at Rs 2,800 per gram. At current gold prices, 7% discount from Indian post office gold coins would be incredibly attractive opportunity for the gold lovers. Several other companies like Muthoot are also offering scratch cards where one can win and get 1% to 5% discount on the gold purchases. However since those are not guaranteed discounts, it would be a question that how many buyers would be attracted towards such schemes. There are several others providing special offers, but buyers still have questions on the purity of such gold coins.

What bullion associate and jewellery makers are saying about Akshaya Tritiya sales?

Bullion association and jewellery makers are expecting that 90% of the gold purchases this Akshaya Tritiya would be from the investors and small portion from consumers. They are expecting that investors would purchase gold coins, gold bars and would spend less on jewellery.

What are analysts take on gold prices?

Several analysts say that gold prices have fallen and now due to festival season, the prices have increased. They predict that the increase in prices may not sustain longer and it would see the downfall sooner.

Also read: Gold Saving Schemes in India-What are positives and drawbacks

Conclusion: I am not advising you to buy gold this Akshaya Tritiya. With uncertain gold prices, investment during this time would be bit risk. But if you are a gold lover and want to invest or buy gold during Akshaya Tritiya, you can consider this option of investing in gold coins in post offices by getting discounts on the retail prices.

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Suresh
Buy Gold Coins at 7% discount from Indian Post Offices

14 comments

  • Pravin Jand

    Sureshji, I have experienced that banks and post offices charge much higher than the market Gold Price. 2,3 years back when market Price was 2500/2600 banks and post offices were asking for 2800. Why so ?

     

    • Pravin, I felt gold coins are being sold by Post office only now. I am not sure of 2-3 years back. They cannot charge such high amount. At the same time who would be there to buy with such 8% premium rate?

  • Bharath

    hi sir,how can v buy the gold coins from post offices?in which post office can v buy?i mean a p.o in bangalore city or any other city?does the coin available in only head offices?can v buy directly or shud apply for coins?

  • hemamalini

    Hi Sir,

    Thanks for your reply about the present housing loan interest rates, i would also like to know whether  we  can avail loan  for 24 carat goldbars. Most of the banks provide loan to the gold bars which is purchased only from their bank . i have the gold bars which is bought in france , which bank can avail loan ,and what bank offer low gold loan interest rates for ornaments.

    whether we have to pay any tax for gold bars if we bring this to india?

    Regards,

    hema.

     

    • Hema, Point no.1, as per my knowledge banks provide loans on gold ornaments and gold bars. Hence it is immaterial from where you buy gold. 2) There are some restrictions to bring gold to India. Generally it is organaments, anyone can wear them and come back to India. But regd gold bars, you need to pay customs duty. I am not aware of the percentage.

  • Jasmeet Singh

    What would be the future value of these coins? I mean to say if in future i want to sell this coin, where should i approach? Can i get it cashed at local gold dealers at normal deductions or will they charge me extra because this coin is not purchased from their shop?

    • Hi Jasmeet, Gold coins of 99.9% purity would be like any other gold coins offred by banks. In my personal opinion, there should not be any wastage unless jewellery want to reduce to some extent as they are not purchased from their shop. 

  • Hiren

    Hi

    Once again a very informative and useful article. Thank you so much.

    Reagrds.

    Hiren

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