[Resolved]  HDFC Bank — Gold bar resale price

Address:

Thiruvananthapuram, Kerala

I have bought a 24k Mudra 10 g gold bar from HDFC Bank on 21/02/2011, it cost me Rs. 24,144 + 244 VAT = Rs. 24,388. Today when I inquired about the price for the same, it was around Rs. 24500 + VAT.

I have was told that whenever I sell the gold I can sell it at the gold price on that particular date. I contacted several jeweleries, and they told me that current price they would give as Rs. 20,900 for 24K 10 g gold bar. I inquired in many jeweleries and they are offering the same price. If point is that if I buy it today from HDFC it would cost 24500 today, but if I sell it at any jewelery, I would only get 20,900. Why is there so much difference in the price and where should I sell it get the price that HDFC bank is selling it for.

Kindly assist me regarding this and what should I do regarding the same.

Invoice Reference : 0683/10-11/46
Date of sale: 21/02/2011
Purchased from HDFC Bank Technopark Branch, Trivandrum