As we Indians consider gold to be a symbol of prosperity and a safe investment option, I can still remember how my grandparents insisted that my brother and cousins purchase gold when they received their first paycheck. Gold has been a popular investment for centuries and it is still regarded as a safe haven asset in times of economic uncertainty.
While in the past, people generally purchased gold from nearby jewellery shops, these days there are many ways in which you can buy or invest in gold. However, the optimal method of investing in gold will depend on your unique circumstances and financial objectives. That said, let’s see where all we can invest in gold in 2023.
Jewellery: The most conventional, but most expensive, way to buy gold is through jewellery. When you purchase jewellery, you pay both the manufacturing charge—the price of minting the item—and the gold itself.
Gold coins: Although gold coins are a more cost-effective way to purchase gold, they still have a manufacturing fee. The production fee is, however, often less than jewellery.
Digital Gold: A more recent technique to invest in gold is digital gold. It is a method of acquiring gold ownership without really taking physical control of it. On exchanges, digital gold is exchanged, and the price is frequently quite similar to the spot price of gold. However, before buying digital gold, you should know the risks of doing so (read here).
Gold ETFs: A sort of mutual fund that invests in gold is a Gold ETF. Because you can purchase and sell them through a brokerage account, they are considered a highly practical method to invest in gold.
Sovereign Gold Bonds: Bonds issued by the government that are backed by gold are known as sovereign gold bonds. They provide a set interest rate, and at the conclusion of the period, the investor has the opportunity to redeem the bond for the actual gold price at the time.
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