Buy gold coins of 10 grams and get 0.5 gram gold coin free! - the ad that rushed me to the post office.
After checking the market rate of gold, myself and one of my colleagues went to Adayar post office. It surprised us to see no one there to capitalize on this offer.
We were informed that the price for 1 gram of 24 carat gold was Rs. 2640. By then the market price was Rs. 2295 for 1 gram of 24 carat gold. The price at post office was almost Rs. 350 more than that of the market price. So for 10 grams, we had to pay Rs. 3500 more than that of the market price. Also the other downside, we cannot sell back the gold coins to the post office. So if you are to sell gold the moment you bought it from post office, then you are to lose around Rs. 350 per gram.
Considering all these, we dropped the plan of buying gold coins from post office. Also we were eager to know the price from local dealers. We went to T Nagar and enquired the gold price at Saravanas, GRT and few more shops. We found the price to be around Rs. 2340 for 1 gram of 24 carat gold (Rs. 2108 for 1 gram of 24 carat gold), slightly higher (Rs 45) than the market price.
So we were happy on our decision to drop the plan of buying gold coins from post office.
After checking the market rate of gold, myself and one of my colleagues went to Adayar post office. It surprised us to see no one there to capitalize on this offer.
We were informed that the price for 1 gram of 24 carat gold was Rs. 2640. By then the market price was Rs. 2295 for 1 gram of 24 carat gold. The price at post office was almost Rs. 350 more than that of the market price. So for 10 grams, we had to pay Rs. 3500 more than that of the market price. Also the other downside, we cannot sell back the gold coins to the post office. So if you are to sell gold the moment you bought it from post office, then you are to lose around Rs. 350 per gram.
Considering all these, we dropped the plan of buying gold coins from post office. Also we were eager to know the price from local dealers. We went to T Nagar and enquired the gold price at Saravanas, GRT and few more shops. We found the price to be around Rs. 2340 for 1 gram of 24 carat gold (Rs. 2108 for 1 gram of 24 carat gold), slightly higher (Rs 45) than the market price.
So we were happy on our decision to drop the plan of buying gold coins from post office.