Gold Coin Price In India

Picture of Gold Coin Price In India

6:53p ET Sunday, October 23, 2005Dear Friend of GATA and Gold:The news story from India appended here shows the ordinary and candid work of one particular central bank that, fearing competition from gold, seeks to discourage gold ownership among individuals and to steer their wealth into paper financial instruments instead.The argument over just how productive and socially useful gold is as an investment is an old one, but perhaps even advocates of a system of fiat currency and central banking will have to acknowledge that what is happening in India, as described below, is another skirmish in their long-running war against gold, their war against any standard of value outside their control.

That war is waged on one front or another every day.CHRIS POWELL, Secretary/TreasurerGold Anti-Trust Action Committee Inc.* * *Freeing of Indian Gold Imports on Holdas Reserve Bank Puts Spoke in WheelBy Subhomoy BhattacharjeeThe Times of India / Economic TimesGurgaon, IndiaMonday, October 24, 2005 DELHI -- Freeing of gold imports may take some more time, as the Reserve Bank of India has advised the government to go slow on the proposal.

This would mean the plan to allow more agents to import the metal to meet the ever-increasing demand for gold could be delayed beyond this fiscal year.RBI has advised caution because there has been a recent spurt in imports of gold into the country. Since gold also doubles as an instrument of savings for large sections of the economy, the central bank is examining whether there is an incipient trend among some investors to use the metal to hedge themselves, at the cost of savings in the financial sector.

Addressing the Assocham AGM on Friday, finance minister P Chidambaram said the government would prefer that investors put their savings in financial instruments instead of using gold and other physical assets.The proposal involved allowing a large number of private importers and jewellers to directly import gold from abroad. Currently only a few designated agencies such as MMTC are allowed to import gold bars.

Since 1997 the RBI has authorised these agencies, including commercial banks to import gold, but only for sale or loan to jewellers and exporters. At present 13 banks are active in the import of gold.Under a decentralised gold import regime, there could be as many as 2,000 importers. The finance ministry and RBI are looking at a long-term vision of developing a gold deposit market in India. Consumers could then buy standardised gold of smaller denominations at retail counters, and could keep them with banks in exchange for gold certificates.

The development of a more robust market for the yellow metal will also kill the residual hawala that might be taking place through gold smuggling because of the marginal premium commanded by the metal in the domestic market, caused at present by restrictive imports. A thriving gold deposit market in the future could also help monetise large amounts of gold lying with households. This could help divert such savings for productive investments in the economy.

India is the world’s largest consumer of gold in jewellery, with an annual demand estimated at about 800 tonnes.While the country exports about 60 tonnes of the metal annually, it imports about 600 tonnes. According to figures with the Multi Commodity Exchange of India, the total stock of gold in the country is about 13,000 tonnes, which is about 9 percent of the world stock.

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India is officially known as the Republic of India. India is one of the largest countries by area and the second most populous country in the world. India shares land borders with China, Pakistan, Nepal, Bhutan, Burma and Bangladesh, and it has a population of roughly 1.2 billion citizens. The official languages of India are Hindi and English, although there are numerous other recognised regional languages.

India’s government is comprised of a federal parliamentary constitutional socialist republic, and the nation became a republic in 1950. The Indian Rupee is the official currency of India. The rupee can be subdivided into 10 smaller units, called paise. The Indian Rupee gets its name from the rupiya, a silver coin first issued by Sultan Sher Shah Suri in the 16th century. The currency is issued and controlled by the Reserve Bank of India.

If you are looking to buy gold in India, you will see prices quoted in the local currency. You may also see prices quoted in other key global currencies such as U.S. Dollars, euros, Great British Pounds or Japanese Yen. Gold is typically quoted by the ounce, gram or kilo. India is one the world’s largest consumers of gold, and the metal plays a special role in the country. The Indian wedding season is famous for fueling demand for gold jewelry, but the jewelry is not simply for aesthetic purposes.

Rather, it is considered a reliable store of wealth and value and a symbol of prosperity. Many Indians do not have bank accounts, and inflation may run higher than benchmark interest rates and bond yields. Gold has long been considered an important asset, and the tradition of giving gold remains quite robust today. The India Government Mint has four operations in the country and was given responsibility for producing the nation’s coinage through the Coinage Act of 1906.

In addition to minting circulation coinage for the Reserve Bank of India, the mint also produces coin blanks, commemorative coins and medallions. The Mumbai operation has a gold refining capability of 999.9 percent, and some of its locations also have assaying facilities. In and around India, gold bars in both 22 carat and 24 carat purities may be widely exchanged, with popular sizes being 1 tola, 5 tola and 10 tola.

The tola is a unit of measure originally from South Asia, and one Indian tola is approximately 11.66 grams. Gold bars represent one of the best overall values when it comes to gold bullion. Unlike gold bullion coins, bars carry no face value and are not considered good, legal tender. They may also be produced at a lower per-ounce cost by refiners when compared to coins. Smaller gold bars like 1 gram or 10 gram bars will typically carry much higher premiums than larger gold bars.

This is due to the fact that production costs are relatively similar regardless of the bar’s weight when the metal content is not factored in.

Hazel Gordon

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