Gold News

New Indian bank brand sells gold coins

India's Syndicate Bank has launched a new brand to sell gold coins across the country.

The Syndsona brand will sell coins in various denominations in eight different states, the India Times reports.

"The bank has imported the gold coins from Switzerland and the tie-up arrangements should enable the Bank to offer very competitive rates to its customers," a statement from the bank said.

Traditionally, Indian consumers have preferred gold jewelry to gold coins because of the prevalence of the yellow metal in local culture, particularly in ceremonies such as marriages.

However, the coins - now available in four grams, eight grams and ten grams - will allow individuals to more easily invest in bullion.

In fact, around 50 kilograms' worth were sold in the first day they went on sale and the bank is looking to extend their rollout to a further thousand branches across the country.

Meanwhile, Indian analysts believe that gold will continue to be an attractive investment option this year, but that a strong local currency will keep it from breaking the 10,000 rupees mark.


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