India is a country with a lot of sentimental value associated with gold. The yellow metal symbolises prosperity and wealth. With Diwali less than two months away, the sale of gold is likely to increase in the coming month. The price of Gold in India stands at Rs 31,650 per 10 gms (at the time of writing, sourced from goldprice.org). To make it affordable, Paytm Mall, owned by Paytm Ecommerce Pvt Ltd is offering a massive cashback of up to Rs 10,000 on the purchase of gold on its platform.
In a press release issued on Wednesday, the company said that it is giving cashback on a wide range of 22K & 24K Gold Coins. Paytm Mall has partnered with top jewellers like Jpearls, Om Gold and RSBL, and is offering up to Rs 10,000 cashback on their gold coin (50 gm) purchases. However, the buyers can avail this offer only until November 7, 2018.
These seller-certified coins are available in various denominations ranging from 0.1 gm to 50 gm, and 995 to 999.9K purifications with prices as low as Rs 550. To avail this offer, the customers need to use promocodes – COINSAVE, GOLDVALUE or GC at the time of checkout. The customers can also buy gold and store in their online account on Paytm. This gold can be converted anytime by paying nominal making charges.
On Wednesday, the gold prices drifted lower by Rs 75 to Rs 31,650 per 10 grams at the bullion market, breaking its two-day rise, tracking a weak trend overseas amid easing demand from local jewellers. The precious metal had gained Rs 275 in the previous two days. Meanwhile, silver remained in demand and advanced by Rs 460 to Rs 38,750 per kg on the back of increased offtake by industrial units and coin makers.
Globally, gold fell 0.07 per cent to USD 1,200 an ounce in Singapore.
Earlier this month, the government had ruled out raising import taxes on gold to curb a slump in the local currency, bringing relief for jewellers across the country. According to a report by Bloomberg, the decision not to increase the tax from the current 10 percent was taken as it may lead to an increase in illegal shipments into the world’s second largest consumer.