Author: Paul Ploumis22 Oct 2014 Last updated at 08:09:58 GMT
NEW DELHI (Scrap Monster): The sale of gold and silver coins peaked in India on the occasion of Dhanteras-considered as the most auspicious day to buy gold. MMTC-PAMP-the country’s leading gold and silver refining and minting facility, stated that its entire inventory of gold and silver coins minted for sale during Diwali has been sold out.
According to Vipin Raina, President-Marketing, MMTC-PAMP, the company had minted 1.5 lakh pieces of Silver coins and 25,000 pieces of gold coins this year. This included normal coins as well as Royal Mint's gold and silver Sovereign commemorative coins. The entire stock has been sold out on the very first day of Diwali, Raina added.
The retail coin sales remained buoyant this year. This is mainly on account of much lower gold prices when compared to Dhanteras 2013. The gold prices are currently ruling almost 11% lower at Rs.27, 925 per 10 grams as compared with the prices of Rs 31,300 during Dhanteras last year.
The total sales of gold and silver coins spiked up by 40% over last year.
MMTC-PAMP is a joint venture between state-owned Metals and Minerals Trading Corporation of India (MMTC) and Switzerland-based world’s leading bullion brand PAMP SA. It is the country’s first and only LMBA accredited gold and silver refinery.