Trying to cash in on the high prices of precious metals, state-run Punjab & Sind Bank today said it will soon start selling gold and silver coins.
"PSB is on the threshold of launching a customer-friendly scheme to sell gold and silver coins and bars of small denominations," PSB Executive Director P K Anand said.
The gold coins will be of 24 carat gold and of 999.99 per cent purity, as per the highest international standards, the bank said in a statement.
"These will be competitively priced on the basis of prices ruling in the international bullion market," Anand said.
The prices of the yellow metal, which is traditionally used by Indians as an investment and gifting option, are currently hovering at the level of Rs 18,700 per ten grams in the national capital. Silver coins, on the other hand, have been trading at above Rs 34,000 per 100 pieces.
"In the present scenario, gold provides an excellent hedge against inflation, a source of liquidity and a form of savings as well," Anand said.
