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Sale of gold coins picks up in post offices

Special Correspondent

— PHOTO: R. ESWARRAJ

Customers buying gold coins on Akshaya Trithiya day at a post office at Balmatta in Mangalore on Friday.

MANGALORE: On Thursday and Friday, some Mangaloreans chose to buy gold from the trusted government outlets – Indian Post which offered a 6 per cent discount over market rate.

The offices of the India Post – 700 of them – were selling the Swiss-made gold coins as associates of the World Gold Council, which is the market development organisation for the gold industry.

In all, 46.5 gm of gold coins of various denominations were sold at the Balmatta post office on Friday, said K. Mohan, Sub Post Master, India Post, Balmatta. On Thursday, 45 gm of gold coins were sold. On other days, 2 to 4 grams were sold, he said. The gold coins were also available in denominations of 8 gram and 10 grams.

The price of the gold coin was the market rate with a 6 per cent discount or 0.5 gram coin free on a minimum of 10 gram bought (and 0.5 gram of gold for every subsequent 10 gram). The discount is after applying 2 per cent VAT. Out of 10 buyers, seven were women. The last time when sales peaked was in December when a similar offer was given, he said.

Chennai had sold the maximum number of gold coins on Akshaya Trithiya day. Details would be available on Saturday, said Bhupender Chaudhry, Head-Marketing and Communications, Reliance Money, the operational associate for the retail of gold coins through India Post.

Last year, 600 kg and 200 kg of gold coins were sold during Akshaya Trithiya and Deepavali respectively, they said.

Gold jewellery showrooms in the city were crowded on Friday. At Jos Alukkas, Augustine, Manager, said that about 1,000 customers had visited the shop on Friday against the normal 50 on other days. At Joy Alukkas, Vinod, Public Relations Officer, said that 700 orders had been received for gold coins. He said that a discount had been offered. He said 1,000 to 1,500 customers had visited the shop on Friday.

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