Mumbai, October 21: As Diwali and Dhanteras approach, Indian families are looking forward to buying gold. But with changing dynamics, why don’t they buy digital gold? Digital gold refers to an investment that allows individuals to buy and hold gold in digital form, typically through online platforms, without the need for physical storage. Let us discuss what digital gold is and how one can buy it in India.
A survey by Moneyview, a fintech company involving 3,000 participants, revealed that while high-income groups still prefer buying physical gold, the middle class is increasingly turning to digital gold, especially in urban areas with better digital literacy and internet access. Notably, 65% of millennials indicated a preference for digital gold over physical options, with 75% of those under 35 citing its liquidity and convenience. The survey also found that 85% of respondents view gold as a valuable asset for preserving wealth, while 70% consider it a safe investment that encourages saving habits. Blinkit New Feature Update: Zomato-Owned Quick Commerce Platform Likely To Introduce ‘Express Dark Stores’ To Deliver High-Value Items in 30 Minutes; Check Details.
What is Digital Gold?
Digital gold is essentially a virtual form of gold that you can buy and hold online, offering a hassle-free alternative to traditional gold ownership. It allows you to own even small fractions of gold without worrying about its physical storage or security. With digital gold, you can easily track market rates and monitor your investment in real time. It combines the value of traditional gold with the added benefits of convenient storage, easy liquidity, and tangible asset ownership. India Successfully Harnessed Digital Technology To Benefit People, While US Missed: Nobel Laureate Prof. Paul Romer at NDTV World Summit 2024.
How To Buy Digital Gold Online in India
If you’re considering buying digital gold this Diwali, you can easily register on various online platforms. India’s top digital gold providers include Augmont Gold, MMTC-PAMP India Pvt. Ltd, and Tata’s Tanishq. You can also purchase digital gold through popular UPI apps, such as Google Pay, PhonePe, and Paytm. Additionally, other apps like SafeGold, KaratLane, and HDFC Securities offer user-friendly options for buying, storing, and managing your digital gold investments, providing a seamless experience.
Ways To Invest in Digital Gold in India
You can use digital gold platforms and mobile apps that allow easy buying, selling, and managing of gold directly from your smartphone. Additionally, you can invest through Gold ETFs (Exchange-traded Funds) on stock exchanges like the NSE and BSE or set up SIPs (Systematic Investment Plans) to make regular investments in digital gold. Some payment gateways also offer seamless options to purchase gold during online transactions, and banks provide digital gold savings accounts that let you accumulate gold while earning interest.
Further, there will be gold-linked bonds that tie their returns to the gold price and gold digital certificates representing ownership of gold stored in secure vaults. Robo-advisors offer automated strategies for investing in digital gold, simplifying the process with algorithm-based solutions. There’s also a modern approach with gold-backed cryptocurrencies, where digital currencies are supported.
(The above story first appeared on Today News 24 on Oct 21, 2024 03:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
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