MUMBAI: World Gold Council, a non-profit association of the world's leading gold mining companies, has announce to offer discounted gold coins to Indian consumers during the upcoming peak festive season so as to resuscitate retail demand.
As per the council, it would offer a discount of 7 per cent from the market price from today through Dec 31.
The coins, ranging from half a gram to 50 grams in weight, will be available at all 1,120 India Post offices throughout the country, the WGC said.
In India, the demand for gold slumped this year as prices increased in terms of rupee, reaching a record high in September. Prices dropped modestly but remain elevated at close to Rs 31,000 ($585) for 10 grams.
Analysts opined the WGC's offer is unlikely to significantly boost gold consumption because prices remain high.
During the first six-months of the year, India's gold demand plunged by over a third to 383.2 metric tonnes, the WGC said.