Does Indian banks buy back the gold coins sold by them?

Hi, I am planning to buy some gold coin for investment purpose. To make sure of purity, I am planning to buy from Banks. As its investment purpose, I will be selling it after I gain handsomely / in emergency.
So does anybody know – which Indian Banks buy back the gold coins sold by them?

3 Replies to “Does Indian banks buy back the gold coins sold by them?”

  1. indian banks are not authorised to do trading in gold coins. restriction by RBI.
    why ? i am not sure but maybe they will start selling gold at 100 Rupees per gram (like they do for telecom and for flights ) which will effect the gold prices majorly.

    why do you try Gold ETF ? they are more simpler

  2. YES, as of now SBI (commercial banks are not permitted to buy back the gold sold by them)buys back gold but remember YOU would be paying the VAT, so add it to the price of gold on the DAY it is going to be sold and see if there is significant appreciation in price to offset the COST (TAX + LOCKER CHARGE), OR try holding it with the banks to avail OVERDRAFT FACILITY.

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