Banks' Gold Coin Sales Lose Sheen

Source: The Hindu, G. Naga Sridhar (9/22/11)

"A significant part of banks' coin sales is driven by buyers who are now uneasy about the steep hike in the price."

The Hindu, G. Naga Sridhar

Thanks mainly to the increasing popularity of gold among both small and big investors, many banks entered into gold coin/bar sales during the last year. They are now selling coins of lower denomination too—2 gm, for instance.

"Sale of gold coins earned good revenue for banks till last quarter. Now there is an over 20% dip in sales of these coins," a senior officer of Punjab National Bank said.

A significant part of banks' coin sales is driven by retail/individual buyers who are now uneasy about the steep hike in the price and are expecting it to come down. . .View Full Article

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