Last Updated :
25 October 2008 at 17:10 IST
Now, bank on Suvarna Mudra!
Commodity Online As the markets across the globe crashes without seeing any bottoms, it is quite normal for investors to rush to gold and posses the yellow metal as much as they can. So the gold rush started in right spirit as soon as the stock markets started its journey to South in the recent past.
But, soon, investors have realized that even the yellow metal is not enough to keep their investments safe. As the markets fell drastically, gold prices also struggled to maintain the levels seen earlier. After crossing Rs 14,000 mark, the yellow metal climbed down as the dollar surged ahead.
Another reason for the gold prices to fall was the forced selling of hedge funds.
After the crash, several people were forced to sell their gold possessions as they needed liquidity.
However, gold still rules as the king of all investors, a favourite haven for the harried people.
Taking note of this opportunity, the IndusInd Bank has signed a co-partner agreement with World Gold Council (WGC) for the joint promotion of packaged and certified gold coins and ingots in India.
According to a bank press note, IndusInd Bank introduced sale of imported 24 carat pure Swiss Gold with a view to providing complete financial and investment solutions to its customers and non-customers. The bank is selling the coins under the brand name Suvarna Mudra. The gold coins are available in denominations of 5gm, 10gm and 50gm across all 180 branches of the bank.
Founded in 1987, the World Gold Council is an organisation formed and funded by the world’s leading gold mining companies with the aim of stimulating and maximising the demand for gold. A global advocate for gold, WGC aims to promote the demand for gold in all forms through marketing activities in major international markets.
The bank said WGC will enable it to utilise the research and findings with respect to consumer’s gold buying patterns both in the domestic as well as international markets.
India is the largest consumer of gold in the world but with it comes many challenges such as the unorganized nature of the industry, accessibility issues by mass Indians, reach of good quality products etc.
Gold for December delivery fell $20.50 or 2.9 per cent to close at $714.70 an ounce on the New York Mercantile Exchange on Thursday. It sank to $ 695.20 at one point, the first time since September last year.
NCDEX RAPEMUSTARDSEEDJUL12 20 July 2012
contract was trading at
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