Many Indian families tend to buy gold on every Akshaya Tritiya, the auspicious festival associated with wealth and prosperity. Seasoned investors will vouch for the fact that gold has always been an attractive proposition for investment. However, with lockdowns imposed in several states, it is perhaps a good idea to buy digital gold from the safe confines of one’s home.
The yellow metal has always been considered one of the most secure investment options. With several online platforms and stockbrokers offering digital gold today, purchasing gold online is just a matter of a few clicks.
Here are four things to look at while investing in digital gold:
Convenience: With easy internet access, investors can buy digital gold through various online platforms at real-time market rates. Any changes in gold pricing are almost immediately reflected on these platforms. This allows any prospective buyer to make an informed decision.
Credibility: Various banks, broking firms and fintech platforms have partnered with authorized vendors or producers of digital gold. It is important to check offerings such as purity of gold, hallmarking and the vendor’s credibility before purchasing digital gold.
Affordability: Platforms offering digital gold have become quite popular and are growing at a fast rate, allowing consumers the option of purchasing pure gold for as little as ₹1 via their smartphones. This allows individuals to invest in digital gold as per their budget. Note that purchasing digital gold attracts a GST of 3 percent.
Physical delivery: Once the holding period is over, the investors can opt for physical delivery of the gold at their doorstep. However, depending on the platform, applicable making and delivery charges of physical gold may be incurred.
So, what’s holding you back? Take the first step of investing in digital gold this Akshaya Tritiya!
The author, Puneet Maheshwari, is Director at Upstox. The views expressed are personal