Motilal Oswal, MMTC-PAMP launch digital gold service

Mumbai: A subsidiary of brokerage Motilal Oswal Financial Services Ltd (MOFS) and MMTC-PAMP India, the biggest refiner in the country, launched a service on Thursday allowing customers to buy gold on the brokerage`s digital platform.

India is the world`s second-biggest consumer of the precious metal, although most of the retail purchases are made offline.

Motilal Oswal Securities Ltd., a subsidiary of MOFS, will allow consumers to purchase gold on its digital platform. It will be stored in the vaults of MMTC-PAMP, the companies said in a statement.

The country imports about 800 tonnes of gold every year as most Indians prefer to invest in the traditional safe-haven asset, using it to hedge against inflation and as gifts at special occasions.

Demand for gold usually strengthens in the December quarter as Indians gear up for the wedding season as well as festivals such as Diwali and Dussehra.