Diwali 2024: Today is Dhanterasu. On Dhanteras, the first day of Diwali, it is customary to buy or allocate funds to precious metals such as gold and silver as these are considered to bring good luck. The advent of technology has revolutionized the way people invest in gold. The advent of digital gold is becoming increasingly popular, allowing individuals to easily buy, store, and trade gold through mobile applications.
Digital gold is a convenient way to buy and invest in gold without having to physically own the metal. Transactions can be made online with a minimum value of Re 1. This form of investment is gaining popularity as it provides easy access and flexibility through online platforms and eliminates the need for a demat account.
Jio Financial Services (JFSL) has introduced SmartGold on the JioFinance app to offer customers a convenient way to invest in gold digitally. Users can buy pure 24 carat gold starting from just Rs. Additionally, for those who prefer physical gold, there is also the option of doorstep delivery in various denominations from 0.5 grams to 10 grams.
Investors have the flexibility to exchange SmartGold units for cash or physical gold at any time. The gold equivalent of each investment is safely stored in an insured vault. With real-time market prices displayed on the JioFinance app, customers can make informed investment decisions and track the value of their gold holdings.
Other apps offering similar plans
1. Bharatpe: BharatPe has introduced a new investment platform called Invest BharatPe, with digital gold as its first product. In collaboration with SafeGold, customers can now easily buy and sell gold digitally through the Delhi-based fintech’s application.
2. Phone number: PhonePe has streamlined the process of buying digital gold through its app, allowing users to buy gold for as low as Rs. Gold purchased on PhonePe is safely stored with trusted partners and users can easily sell their gold for instant liquidity.
3. Google Pay: Google Pay has partnered with MMTC-PAMP to enable users to digitally buy, sell, and exchange 99.9% pure 24K gold. Your purchased gold is securely stored in digital format and can be sold at any time based on the precious metal’s current market value.
4. airtel payment bank: Airtel Payments Bank collaborates with SafeGold to offer Digi Gold, allowing customers to quickly invest in 24K Gold through the Airtel Thanks app. Your purchased gold will be safely stored by SafeGold at no additional charge.
5. Amazon Pay: Amazon Pay now offers digital gold purchases, allowing users to purchase gold using their accounts. Prime customers can earn a flat 3% back on specified days, while non-Prime customers can earn a flat 1% back on digital gold purchases using Amazon Pay UPI.
6. payment: Dhanteras allows customers to purchase gold in various denominations through Paytm. Paytm collaborates with MMTC-PAMP to offer 24K and 99.9% purity digital gold. Users can manage their gold holdings, buy, sell, gift, and receive physical gold after purchase.
Steps to take note of before purchasing digital gold
Choose a platform: Always choose a reliable platform to buy digital gold. Financial apps, banks, and digital wallets offer options for purchasing small amounts with minimal paperwork.
Determine your investment amount: Digital gold can be purchased starting from Rs.
Complete your purchase: Once you have selected your amount, confirm your transaction. Your digital gold is safely stored in a vault. You will receive confirmation of your investment immediately.
Points to note when selling digital gold early
Selling digital gold too soon after purchasing can result in potential losses due to a variety of factors.
> Market fluctuations: Short-term fluctuations in the market may result in the product being sold for less than the original purchase price.
> Platform Termination Fees: Certain platforms may impose fees for early termination, which may reduce your overall revenue.
> Long-term missed gains: Gold generally tends to increase in value over time. If you sell prematurely, you could be missing out on the long-term compound growth that gold provides.
