Gujarat investors turn to gold coins

The sale of gold coins from banks and post offices in Gujarat has spurted, an indication that people are investing heavily in the yellow metal as stock markets and realty prices take a severe beating.

The sale has picked up at a time when gold prices are at an all-time high with the investors considering the precious metal as a safe haven as compared to equities and mutual funds.

"Sale of gold coins has shot up in last two months. We have sold around 2,500-3,000 coins of 2,4,5 and 10 gram denominations from our 100-odd branches in the state in last two months," Deputy General Manager (Marketing Division), Bank of Baroda, Atul Vora, said.

Likewise, leading post offices in major cities like Surat, Vadodara and Ahmedabad have reported brisk sales of gold coins mid-December onwards. "The 29 leading post offices in Ahmedabad, Vadodara and Surat have sold more than 4,500 gold coins of .5, 1, 5 and 8 grams denominations in just one and a half month beginning from December 15 till January 31," a senior Postal Department official said.