NEW DELHI: Move over gold coins with images of the queen of England. Come Gandhi Jayanti, Indians can lap up their very own sovereign gold coins, adorned with the image of the Ashok Chakra.
The government has decided to launch the sovereign gold coin from October 2 so that people can easily take advantage of it during the Dhanteras — when the purchase of the yellow metal is considered auspicious — as well as Diwali in November, two sources familiar with the development told FE. The India Government Mint, which operates four mints in the country, will produce the gold coins, they added.
Initially, the India Gold Coin could be priced in step with those sold by different agencies, banks and even jewellers, or slightly higher, taking into account the production costs, one of the sources said. Although a decision on the exact nature of pricing is yet to be made, the premium over the market price of gold coins will likely be minimal, unlike the huge premiums people have to pay for buying the ‘gold sovereign’ of England, he added.
