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Tuesday, 27th January 2009 (705 views)

Over 7kg of gold coins have been sold by India's Department of Posts since it began providing the precious metal to buyers in December of last year.

According to the Central Chronicle, the scheme was introduced by the country's government in an effort to improve the financial position of post offices and give the public a chance to invest in gold currency.

And post master at Trilanga Post Office PN Mishra told the news source that gold is a safe form of investment, as its price is likely to increase in the future.

He noted that the cost of purchasing an 8g gold coin from the post office in December 2008 was RS11,306 (£163), whereas today the same coin is priced at RS13,473 - an increase of over RS2,000.

It was recently announced that employees of the Steel Authority of India are to receive free gold coins as part of the manufacturer's golden jubilee celebrations.

 

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