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Thursday, 20th April 2006 (5869 views)

IOB moves into gold coin sales

The Indian Overseas Bank (IOB) has announced that it will start selling yellow metal in the shape of coins through its retail wing Fine Gold.

The 24-carat gold coins, which are of "99.99 per cent purity", will be available in four, eight, 20 or 50-gram specifications.

A top bank official said: "Within the next three weeks, coins weighing 100g will be sold to the investing public."

It is hoped that the pieces will be bought at "select branches in big towns and semi-urban areas" later this year as a form of investment for those wishing to devote money to gold reserves, which are seen as attractive investment options given their current strong run in the market.

T S Narayanaswami, chairman of IOB, launched the initial retail sales, with a number of top-name Indian singers and musicians among the first to receive the specially melded coins.

 

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