WGC, India Post ink pact to offer discount on gold coins

New Delhi: World Gold Council today said it has tied up with India Post and Reliance Money to offer a 7 percent discount to consumers for purchase of gold coins from 970 post offices to mark the auspicious occasion of Akshaya Tritiya early next week.

Discount in gold. Reuters[/caption]

"The World Gold Council, in partnership with India Post and Reliance Money, is offering consumers a price reduction of 7 percent on daily prices for the purchase of gold coins from India Post offices to celebrate the festival of Akshaya Tritiya," WGC said in a statement.

The consumers can purchase 99.9 percent pure, Swiss-manufactured gold coins in denominations of one gram, five grams, eight grams, ten grams, 20 grams and 50 grams.

Commenting on the promotion, WGC India, managing director Somasundaram PR said, "The festival of Akshaya Tritiya (on 13 May) is considered to be one of the most auspicious occasions for buying gold. Our partnership with India Post and their vast network of outlets allows us to make pure 24 carat gold accessible to a wide range of consumers across the country".

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The additional discount coupled with the recent price drop in the yellow metal would be an "incredibly attractive opportunity" to buy gold during an auspicious period, he added.

India Post chief general manager (business development) Kalpana Tewari said, "We have over 970 select post offices across India retailing gold coins and any customer who buys gold during this time will get a flat 7 per cent reduction on the day's retail prices".

The gold coins bear the logo of India Post and are available in a variety of denominations, she added.

Gold was up by Rs 285 to Rs 27,850 per ten grams in the Delhi bullion market.

PTI