India Post is selling gold coins like hotcakes

The Indian government is extending a novel scheme to sell gold coins through post offices to several states in the wake of its stupendous success in the last two months.

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"Under the scheme launched on October 15th in Delhi, Maharashtra, Gujarat and Tamil Nadu, in the first phase, 8,500 gold coins were sold in the first 15 days," said Rajan.

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Rajan said India Post has been overwhelmed with the very good response from the public to this new initiative. The Diwali festive season last month had prompted a large number of customers, specially Government servants and small investors to queue up in the Post office to get gold coins.

Small investors are buying gold coins from post office for two obvious reasons. First, the gold coin prices are low as compared to other suppliers. This makes the service very competitive and economical. Second, Post Office is focusing on the low-end denominations like 0.5 gm., 1 gm., 5 gm., and 8 gm making them more accessible.