Gold retains sheen this festive season
With the festive season nearing its peak and gold prices tumbling down by around Rs 1,700 per 10 gm, the precious metal seems to be attracting more buyers. This season, many buyers are also opting to buy gold coins of different weights to gift these to their business associates and family members and relatives.chandigarh Updated: Nov 06, 2012 23:49 IST
With the festive season nearing its peak and gold prices tumbling down by around Rs 1,700 per 10 gm, the precious metal seems to be attracting more buyers. This season, many buyers are also opting to buy gold coins of different weights to gift these to their business associates and family members and relatives.
"Dip in gold price from approximately Rs 32,500 to Rs 30,800 has come as a blessing in disguise for customers. Festive as well as marriage seasons are on, and the dip has surely benefited customers," said the owner of Sunder Jeweller in Manimajra.
Individual buyers could be seen thronging jewellery shops in different markets to buy gold. Santosh Saini of Sector 22 said, "It will be my grandson's first Diwali. As price of gold has dipped, I have already booked a gold bracelet for him. I shall be taking the delivery on Dhanteras since it is considered auspicious to buy gold on that day."
Meanwhile, in the current festive season, gold coins of different weights are also in great demand, so much so that the General Post Office in Sector 17 is out of stock of gold coins of half, one and five grams.
Officials said that they held a limited stock of coins of other weights as well and were making bookings for more coins from customers.
It is pertinent to mention here that in the last few months, the post office has registered a sale of gold coins worth over Rs 12 lakh. Starting from April 2012 till October, the GPO registered a sale of around Rs 74.5 lakh.
Post office authorities claimed that sale of gold coins this season had increased by around 20% as compared to the festive season last year.
Officials pointed out that many individuals preferred post offices to buy gold coins for the simple reason that only these outlets offered coins of half- and one-gram weight. "Those who wish to gift coins in bulk mostly come to us, since banks and even jewellers don't sell half- and one-gram coins. We also assure of 100% purity of gold and even provide a certificate for the same," said GPO senior postmaster Narinder Kumar.
The post office plans to set up a special counter on Dhanteras on coming Sunday since most people prefer to buy coins on the auspicious day. "We have several people coming in to enquire if we are making bookings for Dhanteras. We will set up a special counter on Dhanteras to facilitate gold coin buyers and we are expecting a good response," Sharma added.
City banks too are witnessing an increase in the sale of gold coins. State Bank of India (SBI) officials told Hindustan Times that sale of coins generally picked up during the festive season and this year was no different.
The bank offers coins of 2, 5, 8 and 10 grams. SBI officials said that coins weighing 2 and 5 grams were the most preferred.
HDFC staff too said that they were registering good sales of gold coins daily.
As per data provided by SBI, the bank sold gold coins worth over Rs 3.5 crore this financial year. In October alone, the local branches have sold coins worth Rs 80 lakh.
"We expect a sale of approximately 6 kg of gold coins worth about Rs 2 crore on Dhanteras. The customers trust us as our price is even less than at post offices and also 100% purity on offer," said a senior SBI officer.
Gold coins: Post office prices on Nov 6
Half gram: Rs 1,899
One gram: Rs 3,612
Five gram: Rs 17,380
Eight gram: Rs 27,722
Ten grams: Rs 34,641
(Bank rates are almost similar)