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Digital Gold investment: It is considered auspicious to buy gold during Dhanteras, the first day of Diwali. With soaring gold prices and additional markups such as making charges, buying physical gold is not just expensive, but also involves finding the right retailer. This is where digital gold makes the perfect alternative, where one can easily buy the gold at the current market price with no additional charges.
Besides, with digital gold, one does not have to worry about purity, and there is also a provision to buy or sell digital gold at the current market price.
Here is a detailed overview of what digital gold is and how you can buy it from the apps that already exist on your smartphone.
The best part about purchasing digital gold is the fact that one can buy it for just Re 1 or up to Rs 2,00,000 per day. However, when you buy digital gold, it will be just on paper, but, just like physical gold, the price fluctuates as per the market and can either increase or decrease. Similarly, there is no need to worry about storage or theft, as the vendors will take care of it on your behalf.
Compared to physical gold, liquidating digital gold is very easy, and it is as simple as sending money to someone via UPI. In fact, some platforms also allow users to convert their digital gold to physical gold, however, to do this, one needs to match certain criteria like having at least one gram of gold. Whereas selling physical gold can incur losses, which include wastage, making charges, and more.
On top of that, when you buy physical gold, it will be 22 karat or 91.6 per cent pure gold, and when you buy digital gold, it will be 24 karat or 100 per cent pure.
MMTC-PAMP India Private Limited is the most popular digital gold vendor in India, and one can also buy digital gold from this company’s official website.
All the major digital payment platforms such as Google Pay, Paytm, and PhonePe allow users to quickly buy digital gold without needing to install an app or create a new account. There are also apps like Jar that enable users to save money in the form of digital gold.
However, there are also two strong reasons to buy physical gold. One, it is gold that will be with you all the time, and it can also be used as jewellery.
Open Google Pay, search for Gold Locker and open the same. Here, you will see the current price of the gold, inclusive of taxes. Simply click on the buy option at the bottom of your screen, enter the amount, and complete the transaction. Using the same option, one can also get the physical gold coins delivered to their address, and this service is only available for select pin codes in India.
Open Paytm, click on Paytm gold, and you can buy digital gold for up to Rs 2,00,000 at once. Paytm almost always also has limited-time offers and deals while buying digital gold. Paytm also has the option to set up a systematic investment plan to automatically add digital gold to your portfolio.
Buying digital gold on PhonePe is also a simple process. Open the app, go to wealth, click on the gold option, and buy the digital gold as needed.
