What Exactly Is Digital Gold?
One of the disadvantages of purchasing gold in the form of bars or coins is the high cost. Its authenticity and purity must be verified, and then its safekeeping and storage must be addressed. To make matters worse, a pandemic is underway. A trip to a gold dealer or jewellery store isn’t ideal, but it is possible.
Customers can buy and store their own digital gold with the seller, who keeps it safe in insured vaults. Physical gold purchases have their own problems, but this solution addresses them all. All you need to put money in gold digitally is access to Internet or mobile banking.
What’s the deal with digital gold?
Paytm, Google Pay, and PhonePe are some of the mobile e-wallets that allow you to invest in digital gold. Digital gold investments can be made through brokers like HDFC Securities & Motilal Oswal.
They only serve as a platform for SafeGold & MMTC PAMP through apps like Paytm and GPay. Thereafter, these trading businesses buy and store the equivalent amount of gold under your name in safe deposit boxes in secure vaults.
The process sounds simple enough, but does it really work that way? You can invest throughout Digital Gold in a number of different ways.
Is There A Way To Trade Throughout Digital Gold?
Investing in digital gold begins with a visit to one of the many websites and apps that sell digital gold investment opportunities.
Once you’ve logged into their system, follow these steps:
Start by entering an amount in Indian rupees (INR) or grammes (g) at the current market rate.
Pay with an account, card, and wallet after completing the KYC process. Choose your payment method. Pay with a card or wallet.
a safe place to keep your precious metals – The information in your account is always up to date and it can be accessed at any time.
You can sell your gold to platform when you want.
For those who don’t want to sell their gold, they can request doorstep delivery of the precious metal in the form of either coins or bullion. Please note that delivery charges may apply.
Why You Should Consider Buying Digital Gold As A Form Of Investment
It is simple to keep track of digital gold, and can be accessed anytime of day or night.
At any time of day or night, market rates can be used to buy or sell it.
Digital Gold trader Augmont Gold Ltd. saw a 40-50% increase in business during the lockdown period due to the country-wide lockdown and the closure of jewellery stores. This shows that a large number of people are shifting their focus from physical gold to digital currency.
Gold is said to be a good inflation hedge which could be used as collateral for loans, making it attractive to investors.
For past 92 years, gold prices have risen. For more than just its symbolic value, gold is also a valuable asset that has increased in value over time.