Gold Silver Reports — MMTC to Sell Gold Bars on Amazon — MMTC PAMP that runs a London Bullion Market Association (LBMA) refinery in Haryana, has decided to use emarket places to sell its minted gold coins and bars as it feels that investment demand for gold in India will increase in 2017 compared to 2016. The company has already tied up with e-tailing firm Amazon and more tie-ups are on the cards.
“Market places open up a huge opportunity to reach out to customers. The transaction is also transparent. Our tie-up with Amazon is helping us in the demonetised scenario,“ Rajesh Khosla, managing director, MMTC PAMP told ET.
Khosla said rising prices of gold will not deter Indians from buying gold. “There will be weddings where Indian families will gift jewellery to the bride. The investment demand of gold will also be there in this falling interest rate regime. Gold is one instrument that can generate good returns over a period of time,“ he said. Gold prices have gone up as dollar has strengthened against the rupee over the last few days.On November 9, gold rallied to . 31,376 per 10 gm. After hitting a ` high of ` . 31,376 per 10 gm, gold prices started to slide and on December 22 it slipped to ` . 26,862 per 10 gm. Since then, prices started inching up and on Monday gold was trading at ` . 28,533 per 10 gm.
Gold prices are expected to move up this week buoyed by safe-haven demand due to uncertainty over US policy ahead of president-elect Donald Trump’s inauguration and amid concerns over Brexit. Khosla said that gold refining has also picked up in India since November. Gold dore (impure gold) is entering India in good volumes and are being refined in excise free refining facilities in Uttarakhand. — Neal Bhai Reports