||The Indian gold market which has traditionally been in gold jewellery is shifting towards gold coins and gold bars. Banks, brokers and even post offices in India are promoting the sale of gold coins. The sale of gold coins has been up during the build up to the religious festival Diwali which culminated on Saturday.
One of the main reasons for this change is that investors are keen to buy gold in the form of gold coins and gold bullion because they are providing a more stable investment opportunity with the price of gold set to raise still further.
These changes are significant because India is the largest consumer of gold in the world. The approximate consumption of gold in India is around 700 tonnes per year.