Investing In Gold This Festive Season? Know What Is Digital Gold, What Are Its Benefits
Gold is still one of the best and safest investments in traditional Indian households
Updated on 14 Sep, 2022: The festive season is approaching and Indians are preparing for various occasions in the coming weeks.
Buying gold during the festive season has become a tradition in India and is celebrated on Diwali, Dhanteras and Durga Puja associated with events such as But times have changed, traditions have changed, and buying gold is now seen as a form of investment rather than just a celebration.
Gold is still one of the best and safest investments in traditional Indian households, and physical gold is always the first choice.
However, you can also purchase gold in other ways this holiday season, including digital gold. What is Digital Gold?
Digital gold is popular with investors who want to invest only in yellow metals.Digital gold, as the name suggests, is gold that can be purchased online. Physical gold equivalents are kept in vaults by sellers on behalf of investors.
Where can I buy Digital Gold?
The three companies offering Digital Gold are: MMTC-PAMP India Pvt. Ltd, a joint venture between state owned MMTC Ltd and Swiss company MKS PAMP. and Digital Gold India Pvt. Ltd. with its SafeGold brand.
You can also buy digital gold from popular wallets such as Paytm, Amazon Pay, Google Pay and PhonePe.
Buying digital gold is also a small investment option as sellers allow small amounts of gold to be purchased. The digital gold price range has already started with Re 1.
Should I buy Digital Gold?
Bhavik Patel, a commodities/currency analyst at Tradebulls Securities, said all gold now has to be stamped, so buying gold depends entirely on one’s needs and objectives. .
“One of the downsides of borrowing physical gold was the issue of identifying its purity and legitimacy, but now that all gold is hallmarked, it can be borrowed physically without worrying about its purity.
You can buy the gold of the gold debt depends on the person’s requirements. Our ancestors invested their savings in gold.
Because gold is very liquid and there weren’t many investment opportunities. You can now own gold through digital means. However, there are also concerns such as the lack of an official regulator like the RBI or he Sebi,”
“The benefits of buying digital gold are minimal. People like SIP who want to invest in gold can buy digital gold for any amount, but buying physical gold requires a certain minimum purchase amount is required.
And unlike physical gold, where you have to rent a safe deposit box to protect your gold, you don’t have to worry about storage or security,” he added.
“So it all depends on the purpose. If you want to give someone gold, I recommend buying physical gold (gold coins or jewelry).
But if you want to invest for the long term. Marriage of children. It makes sense to buy digital gold for money or to turn savings into gold,” analysts said.
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