Gold has been revered as a precious commodity for millennia, and even in our digitized age, its charm endures. Let’s look at the various avenues through which one can acquire gold today.
- Gold Coins: If you’re a purist who wishes to physically hold this yellow metal, gold coins are a great choice. Available from jewelers, banks, NBFCs, and e-commerce sites, these coins typically come in 24-karat purity and are stamped with a ‘999’ hallmark. An essential buying tip is to opt for sealed-packed coins, ensuring they have not been tampered with. The range for these coins varies, with weights starting from 0.5 grams to as much as 50 grams.
- Gold Savings Schemes: Over recent years, numerous jewelers have introduced gold savings schemes. Essentially, these are recurring deposit schemes where you can contribute a fixed sum every month. At the end of a predetermined period, you can buy gold from the same jeweler using the accumulated amount. In most scenarios, the jeweler might also offer an additional bonus equivalent to a month’s installment or a gift item.
- Gold Exchange-Traded Funds (ETFs): For those not keen on physical gold, Gold ETFs present an efficient alternative. These are traded on stock exchanges, such as the NSE or BSE, ensuring transparency in pricing. The price at which you buy a Gold ETF is usually close to the actual price of gold. To invest in ETFs, one needs a trading and a demat account.
- Sovereign Gold Bonds (SGBs): Issued by the government, SGBs aren’t always available for purchase. The government intermittently opens windows for the new sale of SGBs, typically twice a year, lasting about a week. These bonds offer a two-fold benefit: the price appreciation of gold and a fixed interest.
- Digital Gold: In the age of digital wallets, buying gold has never been easier. Platforms like Paytm, PhonePe, and Google Pay offer digital gold, allowing customers to purchase gold for as low as 1 rupee. Most of these payment apps collaborate with established partners like MMTC-PAMP or SafeGold to facilitate the gold sale.
In summary, there’s a multitude of ways to own gold today, each catering to varied preferences and needs. Whether you’re an investor, a saver, or just a gold aficionado, there’s an avenue just right for you.
