HOW TO BUY GOLD ONLINE IN DIGITAL FORMAT

INTRODUCTION : India was known as the 'GOLDEN BIRD' in Indian history. The Indian people have a very special place for gold. Gold is the very loving jewellery for not even female but also for males for doing Investment in gold. Indian people are even crazy for buying gold in different occasion , festivals , wedding etc. Gold is consider to be a safe haven and have long term value. During the Akshaya Tritiya occasion many people buys gold and this festival is also known as new beggining for entering into new business venture.  Gold is also helping us during the financial crisis in the country. Gold is also offered to Indian deities. Many people buys gold with the thought of facing the future uncertainties .  The Indian Hindu calender even has auspicious days to buy gold like DHANTERAS, AND DUSSEHRA. Gold is also bought on festival like durga puja, lohri, pongal.

         Many big people buys gold as it represents the status symbol. Gold has various religious significance such as it represents the Hindu GODDESS LAKSHMI and considered highly auspicious.

         Due to the haraculous situation arisen form the newly develops novel CORONAVIRUS, the buying and selling of gold has stopped offline . All jewellery shops and Investment are being closed due to Lockdown allowed by our respected Prime Minister NARENDRA MODI. So to continue the buying and selling procedure and Investment in gold the online digital format has been adopted . There are many apps which help in purchasing and selling the gold online at sitting in their home and doing businesses from home.  The different apps which help us are PAYTM, GOOGLE PAY, PHONE PE, GOLD ETF, SOVEREIGN GOLD BOND etc.  

PAYTM : Paytm are divided into three parts i.e PAYTM WALLET, PAYTM MALL AND PAYTM PAYMENT BANK. In paytm wallet , we can pay our collected sum of money by knowing the OR CODE or MOBILE NUMBER of the other person. And in paytm mall, we can do shopping and the last paytm payment bank helps us in knowing our card no. , FD, Cheque book by opening pur account in paytm bank. 

      Paytm has now discovered a new service of buying 24 karat gold through online mode.firstly we have to download the paytm app in our mobile and after it make  the account in paytm app. 

STEPS INVOLVED IN BUYING AND SELLING GOLD IN PATYM :

   1. Login to your paytm account through the app.

    2. Select the 'GOLD' option . The app gives you a option to buy old either in rupee or in quantity.

    3. The app will show you the price of the gold per gram. Paytm gold offers you 24 karat gold and of 99.99% purity.

   4. Select the mode of payment and make the payment of gold and gold will be added in your locker in the app.

FEATURES OF PAYTM GOLD :  The minimum amount to buy gold on Paytm starts from Rs.1 to Maximum of Rs. 1.5 lakh. In grams, you can buy a minimum of 0.005 gram and maximum 50 grams. However , selling of gold starts from 0.0005 grams pr Rs.1 . You can also send gold as a gift to your loved ones. You can also convert your holding to gold coins.

GOOGLE PAY : 

      1. Open the google pay app. And type in search option 'GOLD' .

      2. Select 'GOLD VAULT' and click on the 'BUY OPTION' and in google pay you can purchase the gold worth Rs.1 to Rs. 49000 .

     3. If you want to sell the gold then see the right time of selling , after it you can go for sale on 'GOLD VAULT' and tap on the 'SELL' button . The money which will come from the selling will be credited in your bank account. 

    4. For Purchasing the gold in physical from, you need to atleast 1 gram of metal to opt for a delivery after selecting the gold , you will have to pay the making charges along with the delivery cost.

5PAISA : 5PAISA APP shows you the current ongoing price per gram of gold. You have to decide the amount that you want to buy gold with it. The equivalent no. of grams of gold will be purchased in your name and added to your vault . The bought gold is stored and shown to you as a digital Vault balance of the no. of grams owned by you. In 5Paisa app , you have the option to either take delivery of this gold or sell it off on the app directly from your vault. By going in this Vault section option, we can get the details of purchased gold. This will provide you the Information of gold accumulated by you till date.

PHONEPE : PHONEPE APP was launched in 2016 as the first app built on the unified payments interface. The phone pe app provide us 24 karat gold of 99.99% purity and safe gold with 99.50% purity version. 

 STEPS FOR BUYING AND SELLING OF GOLD THROUGH THIS APP: 

   1. Open the Phone pe app in your mobile phone. 

    2. After opening the phone pe app , you will get the option of 'MY MONEY' .

   3. The 3rd step is click on ' Gold ' under the option 'WEALTH MANAGEMENT SECTION ' .

   4. For buying the gold from phone pe, you can enter either the amount or weight  of gold you want to buy. And for selling purpose , choose the amount or weight of gold you want to sell.

    5. For buying gold through online , click on proceed to payment and complete the payment process, for selling purpose , the amount will be credited in your bank account.

   6. And at last at the top for buying gold you will able to see your gold weight and selling value.

GOLD ETF : Gold ETF can be bought through the broker using a delay account and trading acount. A brokerage fee and minor fund management charges are applicable when buying or selling gold ETFs. Gold ETF represents the physical gold handling in paper pr dematerialised way. One Gold ETF unit is equal to 1 gram of gold and is backed by physical gold of very high purity. 

      Gold ETF is the combination of stock investment and simplicity of gold Investment. A gold ETF is an exchange traded fund that sima to track the domestic physical gold price. They are passive Investment Instruments that are based on gold price and Invest in gold Billion. Gold ETF 's are very good options for Investment who wish to invest in gold.

SOVEREIGN GOLD BONDS (SGB) : SGB are government securities denominated in grams of gold. They are substitute for holding physical gold Investors have to pay the Issue price is cash and the bonds will be redeemed in cash on maturity. The bond is issued by RESERVE BANK OF INDIA on behalf of government of India. A customer can apply online through the website of the listed scheduled commercial banks. The Issue price of gold bonds will be 50 per gram less than the nominal value to those Investors applying online and the payment against the application it's made through the digital mode.

WHY SHOULD I BUY SGB RATHER THAN PHYSICAL GOLD ? WHAT ARE THE BENEFITS ?

   The quantity of gold for which the Investors  pays is protected, since he receives rhe ongoing market price at the time of redemption/ redemption . The SGB offers a superior alternative to holding gold in physical form. The risks and costs of storage are eliminated. Investors are assured of the market value of gold at the time of maturity and periodical interest. SGB is free from Issues like making charges and purity in the case of hold in jewellery form.

WHO IS ELIGIBLE TO INVEST IN SGBs : Persons residents in India bas defined under foreign exchange management (FEMA ACT 1999) are eligible to invest  in SGB , eligible Investors include Individual , HUF, charitable Institution , universities.

PROS OF INVESTING IN GOLD : 

1. Gold is a quality hedge against a down market.

2. Gold will still have value if paper currency inflates.

   CONS OF INVESTING IN GOLD :

1. Gold has a terrible historical return .

2. Gold is worthless if things gets really bad.