GOLD NEWS

Buying gold and silver coins in India just a click away

The latest fad for gold hungry Indians is a mobile application that enables consumers to purchase gold and silver coins at the tap of a key.

MUMBAI (Mineweb) - 

The Muthoot group, India's 125-year-old non-banking financial major, has launched a 'Muthoot Group Apps' for Apple, iOS and Android smartphones and tablets users across India. The app will provide the prevailing rates for gold and silver and for various currencies. Users can buy gold and silver coins offered by the Muthoot Precious Metals Corporation.

Nearly 15 million mobile subscribers are added every month in India.

Alexander George Muthoot, managing director at Muthoot Group said, "Our endeavour is to provide everyone with new and innovative ways to manage their financial investments. Being a customer driven segment, we are always looking for new mediums to connect with people."

He added that in the coming years, the sale of gold and silver coins via the Internet is set to become as popular in India as Internet banking and online travel and tour booking.

Stating that digital media acts as a great channel of communication, "not just for promoting new schemes but also for listening to the customer's requirements and receiving instant feedback," Muthooth said the advent of new technologies needed to be tapped, especially since the number of consumers using mobile devices to browse is growing by the hour.

The app also features investment tips, stock exchange reports, share trading, travel packages and direction to the nearest Muthoot branch.

With over 100 million applications being downloaded in India on a monthly basis, the country's global app market is forecast to hit $17.5 billion by the end of 2012 from $4.1 billion in 2009.

Consumers in India cannot have enough of the yellow metal. Earlier, the Gitanjali Group had unveiled an ATM-like machine, which was dispensing gold and diamonds.

The vending machine, where one could purchase medallions, coins or jewellery, has become a major hit in the country, with the company planning to set up 75 such gold and diamond ATMs at premium malls, airports and temples in the next three years.

On September 18, demand for gold coins appears to have improved in India with retailers reporting a surge in sales. Prices have fallen from historic highs leading to sales, with prices trading lower in major cities across the country.

iPad Version: Picture - Gold Bullion from the American Precious Metals Exchange (APMEX) is seen in this picture taken in New York: REUTERS/Mike Segar