Gold glitters at your local PO

Metal mettle

It has been one-and-half years since the General Post Office (GPO), Bangalore began the sale of gold medallions in the State. On an average the GPO sells 150 grams of gold per month in Bangalore.

Nearly, three times more in the month of May, because of Akshaya Tritiya. The yellow metal is available at the GPO in denominations like 0.5 gm, 1 gm, 5 gm and 8 gm, 24 carat and 99.9 per cent pure, as claimed by the officials. The coins are available across nine post offices across Bangalore.

Perhaps, the most beneficial people of this scheme are those in the interior parts of the State.

With post offices situated in the remote corners of the State, the gold coin scheme is a boon to the residents of the village or district who want to invest in gold that is sold with guarantee.

“Because most of these villages are devoid of fancy jewellery stores or crowded with fraudsters who dupe the farmers,” said the Assistant Chief Post Master, Vijayalakshmi.

Experts state that the craze for the yellow metal among citizens can be attributed to the fact that when a gold coin is purchased, the buyer is always in a profitable position. He can either exchange the coin with a trendy jewellery or he can simply encash it. Reason: There is a constant ascend in gold rate at least a minimum of 10 to 15 per cent. A gold coin purchased today will surely have a higher value a month later.

However, the Postal department officials have been facing the brunt of the rising prices of gold. “Compared to last year, there has a slump in sale because of increase in gold price,” said Vijayalakshmi.

Nonetheless, citizens can now approach their old reliable post office in the neighbourhood for buying the yellow metal. Because, the nearest post office affirms the old adage - “all that glitters is gold”.

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