Buying gold as an investment can be approached in various ways

Buying gold? Here are 6 ways to buy and invest in gold this festive season Here are some conventional and unconventional methods for purchasing gold during festivals

This festive season, consider investing in gold as a wise choice. Purchasing gold during festivals and on auspicious days has been a long-standing tradition. It is believed that buying valuable items such as electronics, furniture, gold, and other luxurious goods during the Indian festival season brings good luck. For decades, Indians have been purchasing gold from their local jewelers during festivals.

The landscape is changing. Nowadays, buying gold as an investment can be approached in various ways. Here are some conventional and unconventional methods for purchasing gold during festivals.

Sovereign Gold Bonds (SGB)
The government issues Sovereign Gold Bonds, however they are not readily available. Rather, the government will periodically create a window for new SGB sales to investors. This happens approximately once or twice a year, and the subscription window is open for roughly a week. The only option available to investors wishing to buy SGBs at any point in the future is to purchase prior issues that are listed on the secondary market at market value. However, for this year, the government is yet to announce the new tranches.
Digital gold
An online platform allows you to purchase units of gold as an investment option known as "Digital Gold." Customers can use payment apps like Paytm, PhonePe, and Google Pay to purchase "digital gold." Re 1 is where clients can purchase gold. In order to sell gold, the majority of these payment applications have partnered with either SafeGold or MMTC-PAMP, a joint venture between the public sector MMTC and Switzerland's PAMP SA.

Gold coins
Jewellers, banks, non-banking financing organizations, and even e-commerce websites are selling gold coins. Every coin and bar will be hallmarked in accordance with BIS guidelines. It is recommended that gold coins be purchased in tamper-proof packaging. The packaging acts as a deterrent to damage, fraud, and counterfeiting. There are gold coins on the market with weights between 0.5 and 50 grams.

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Gold ETF
An open-ended Mutual Fund scheme that will invest the money collected from investors in standard gold bullion of 99.5% purity. Mutual funds with an open-ended structure that track changes in the price of gold are known as exchange-traded funds, or ETFs. Purchasing from them offers you the opportunity to trade stocks with freedom in addition to the opportunity to invest in gold. These funds trade on the stock exchange just like the shares of a company. Thus, investors can buy or sell units of Gold ETF any time.

Gold savings plan
Many jewellers have introduced gold savings schemes in recent years. Gold or jewellery savings schemes allow you to deposit a fixed sum each month for the duration of your choice. When the period is up, you can buy gold (from the same jeweler) for the total amount deposited, plus a bonus.

Gold jewellery
Jewelry made of gold raises questions about safety, expense, and outdated styles. Additionally, the cost of gold jewelry may increase due to manufacturing fees. The cost of making varies based on the kind of gold jewelry you purchase. There will be significant manufacturing costs if the gold jewelry has a complex design.

This story originally appeared on: India Times - Author:Faqs of Insurances