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Wednesday, 28th January 2009 (3311 views)

Gold traders in Mumbai are offering buyers discounts of three per cent in an effort to attract customers after the price of the metal increased.

Many potential investors are holding off from purchasing gold at current prices in anticipation of it becoming more affordable, Business Standard reports.

And as a result, sellers are attempting to boost sales by cutting the price of the commodity.

However, Ashok Minawala of the All India Gems & Jewellery Trade Federation told the news source that many buyers will return to the market in "two [to] three days".

"This is a normal phenomena when retail investors keep off the market in case price spurts suddenly," he explained.

Elsewhere in India, the country's Department of Posts recently revealed it has sold over 7kg of gold coins since it began offering the metal to customers last December.

Post master at Trilanga Post Office PN Mishra told the Central Chronicle that the price of the commodity is likely to increase in the future.

 

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