Dhanteras 2023: How to buy digital gold

Gold is a popular investment choice in India and around the world, especially when the financial markets are volatile. Gold tends to have a negative correlation with stocks and forex, meaning that when gold prices go up, other assets tend to go down. In the digital age, there are many options to invest in gold without buying physical gold. One of them is digital gold, which is gaining popularity among investors.

Digital gold is a form of gold that can be bought and sold online, without having to worry about storage, security, or purity. Digital gold is backed by physical gold that is stored in vaults by the service providers. When you buy digital gold using UPI or online payment, you get a digital receipt for the transaction. The service provider from whom you buy digital gold keeps the gold in a safe vault.

You can invest in digital gold with as little as Re 1. You can buy or sell digital gold from the comfort of your home, with instant liquidity and hassle-free transactions. However, most platforms have a limit of Rs 2 lakh for investments in digital gold. Digital gold can be purchased with a few clicks, without the need for a broker or a Demat and trading account.

Digital gold is an attractive option for investors who want to buy gold for small amounts, without the hassle of storing and maintaining physical gold. Dhanteras is approaching, and it is considered auspicious to buy gold on this day. If you are also interested in buying digital gold this Dhanteras, here is a step-by-step guide on how to buy digital gold. 

A step-by-step guide on how to buy digital gold

Step 1: Go to platforms such as PhonePe, Paytm, Google Pay, 5Paise, or any other payment or stock platform. 

Step 2: Search for digital gold. PhonePe users can tap on Wealth option on the home screen and scroll to Investment ideas and select Gold. 

Step 3: Enter the desired amount and proceed to payment. 

Step 4: Make payment and your purchased gold will be reflected in your account after successful payment. 

There are three other ways to invest in digital gold, namely gold ETFs, gold bonds, and gold funds. Gold ETFs are exchange-traded funds that track the price of gold and are backed by physical gold held by custodians. Gold bonds are government-issued securities that are denominated in grams of gold, with one gram of gold equal to one unit of the bond. Gold funds are mutual funds that invest in gold ETFs.