According to Indian culture, Dhanteras, the first day of Diwali, is auspicious for buying and investing in gold. Take a look at new and smart ways you can invest in gold this Dhanteras
One can invest in physical forms of gold like jewellery, coins or bars. These can be bought from jewellers, banks, non-finance companies as well as e-commerce websites. Buying gold jewellery brings concerns like safety and making charges whereas one can face authenticity issues while buying gold coins and bars. It is advisable to always look for hallmarks as per BIS standards before purchasing a physical form of gold.
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Another way one can invest in gold is by gold-saving schemes. Many jewellers offer gold saving schemes that allow you to deposit an amount every month for a fixed tenure and at the end of the term you can buy gold of the equivalent amount from the jeweller depending on the gold price on the maturity of the scheme.
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An alternative is to invest in paper gold like digital gold that is bought online and is stored in insured vaults. Customers can buy digital gold starting from Rs 1 on online payment platforms like Paytm, PhonePe and Google Pay. These payment platforms have tied up with MMTC–PAMP or SafeGold to sell gold.
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One can also invest in Gold ETFs (exchange-traded funds) which proves to be a convenient and cost-effective way to own gold as there are no exit loads. One can invest in them through the stock exchange with gold as the underlying asset. One can buy a lump of gold ETF at once or invest in it through SIP with a trading account.
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One can purchase Sovereign Gold Bonds (SGB) issued by the government and earn interest on them every year along with capital appreciation. The government intermittently opens a window for the fresh sale of SGBs to investors twice a year and is available on a tap basis only.
