Most people, specifically Indian households, talk much about gold as an investment, whether in jewelry or gold bars. More people buy it as an asset to sell it if times aren’t right. Particularly gold buying is an investment, and people expect greater returns when selling them off.
A Statista report states jewelry is commonly purchased by two-thirds of people. Experts see it as an excellent hedge during inflation. Gold increases in value when the cost-of-living increases. The digital gold buying service came to light as people did not have time, and the pandemic hit hard.
Many platforms, like DIGIGOLD, Paytm, Google Pay, PhonePe, etc., started offering digital gold. However, many people are skeptical about what it should be like, how much it is worth buying, security, safety, etc.
This beginner’s guide to digital gold or exclusive tips will help you to buy online gold securely.
Useful Tips for Digital Gold Buying
Gold is the 3rd most popular investment choice, as more than 46% of people prefer it. As Goldman Sachs confirms of recession in 2023, gold is one of the portfolios that investors can pick for investments. With versatile options available to users, and an increase in internet users, people prefer online gold buying too.
Let’s walk you through the exclusive tips while you are opting to buy digital gold.
1. Check Gold Price
The rate of gold varies from one city to another city or region-wise. Preferably, it includes transportation charges, procurement charges, paying for certifications, taxes, etc. Before buying gold online, check the digital gold price today. You can check it online on any government-authenticated site or the reputed online buyer’s site. Always pick the buyer who possesses the government certifications and license. You can locate your city and region on their locator and check the digital gold price.
2. Great for Financial Purposes
Physical gold is a great option when buying jewelry or a gold coin to gift someone on auspicious occasions/festivals. However, digital gold is a good choice if you are buying gold for financial or investment purposes. You can buy it from an online seller who keeps your gold in a safety vault until you need to redeem it. Moreover, you need not purchase a locker for the same; it is a cost-effective investment.
3. Watch Out For Safety Upkeep Of Your Gold
Is it safe to buy gold online? The foremost question that comes to the buyer’s mind when buying gold online. When you buy gold from a certified and licensed seller, they keep it in the safety vault unless you need it. You can download their app or visit the website to sell it when you need it or when the prices are right. The online gold-selling platform DigiGold, powered by Amrapali, is preferable because of the Gold Standards it offers. They offer a SIP scheme too.
4. Documents Required
Well, you need not have many documents when purchasing gold online. Just the normal ones will do the work. Whenever you are opting for online gold buying, the website of the particular seller will ask you to provide normal documents like:
- Identity proof
- Address proof
- Nominee details
- Bank details
You can upload these documents copies on their website or platform app to get things started. Users receive a username and password to manage their gold investments thereafter.
5. Purity Levels
When buying physical gold, you always check for the hallmark of the jewelry and the related documents. Similarly, check out the purity level when you opt for digital gold. Only go for the sellers who sell 99.9% of 24k pure gold with all the certifications and hallmark digital certificates. It will help you know you are buying the right metal from the right place. Gold, a precious yellow metal, will only give you a good return value if it is pure and certified.
6. Check the Government Authorities Certifications
You can get gold under an accumulation plan or buy it under the SIP gold plan. Well, you must check out the digital gold price today, even if you are buying a small weight, like 10 grams. However, when buying gold, you must check the licenses and authentication of the seller and their government approvals. In India, most online gold sellers offer this metal under MMTC and its Swiss-based joint venture PAMP SA. SafeGold is another platform that has tied up with many online gold sellers and apps to allow buyers to buy or sell gold.
Get Your Digital Gold from Authentic Sellers!
Digital gold buying is no longer a fad but a reality, as many online sellers offer pure digital gold. You can start buying your first gold investment with any amount. When buying gold, always check the authentication of the seller and necessary gold documents and certifications.
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