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Monday, 23rd February 2009 (844 views)

Sales of gold coins in India are not being affected by the rising price of the precious metal, it has been suggested.

According to Commodity Online, buyers are continuing to invest in gold currency, despite the cost of the metal hitting 15,700 rupees (£215) per 10g this week.

"We are selling around 5kg of gold coins every day," chief executive of Reliance Money Sudip Bandopadhyay told the news source.

"People in India who have been fond of buying gold jewellery are buying more gold coins as a safe investment," he explained, adding that sales are increasing on a daily basis.

Mr Bandopadhyay also noted that previous sales are likely to have been driven by festivals such as Akshay Trithiya, but the introduction of smaller denomination gold coins has helped to sustain popularity.

Demand for gold is also on the rise in Russia, with Sberbank, the country's biggest financial institution, telling Reuters that purchases have gone up as investors look to safeguard their money during the current financial troubles.

 

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