Akshay Tritiya 2021: Five key things to know before buying gold
New Delhi: Akshay Tritiya is one of the most auspicious days according to the Hindu calendar. This year Akshay Tritiya is coinciding with Eid. As per the legends, the day is celebrated to pray to God Laxmi, wife of Lord Vishnu, to bless us and keep us, healthy, wealthy and shower us with prosperity. It's considered the BEST time to begin a business, travel and get married. Indians calculate the placing of the planets, stars, time and figure out one auspicious hour during the day where they buy gold in any form. This period is also considered favourable to get married. Akshay Tritiya 2021 date:Since Akshaya Tritiya is an auspicious day, many people like to buy gold or silver items. For those who don't know why is it considered quite important to buy gold on this day, the reason for the same is because it is considered as the harbinger of wealth to the family.Here are 5 tips that won't let you go wrong with buying gold on Akshay Tritiya: Besides, buying from the jeweller, you can buy gold coins from online e-tailers, banks, the Stock Holding Corporation of India, MMTC and non-banking financial companies (NBFCs). The minimum denomination varies from one entity to another. The lowest denomination also varies according to the design. Digital Gold:Additionally, for a lot of people nowadays, digital gold has become a new avenue to invest in the yellow metal. Digital gold can be bought online and is stored in insured vaults by the seller on behalf of the customer. All you require is internet, mobile banking and you can invest in gold digitally anytime, anywhere. Talking about buying Digital Gold on Akshay Tritiya, Ashraf Rizvi, Founder & CEO, Digital Swiss Gold & Gilded said, “Akshaya Tritiya is an auspicious occasion that has come to be associated with buying and gifting gold. This year, owing to the second wave of the pandemic and investor sentiment driven towards assets with long-term returns, customers are turning to digital options such as digital gold. Put simply, physical gold bought digitally and easily through a mobile app is digital gold.""In the present environment, when some states are under a lockdown and citizens are discouraged to step out in others, digital gold is the safest option that allows customers to buy gold, from the comfort of their homes on Akshaya Tritiya. Moreover, this is the right time to invest in digital gold as it is an attractive proposition for investors looking at long-term savings as gold has always been an insurance against uncertainties. Millennials who tend to lean towards digital investment options can also buy digital gold. They can purchase fractional physical gold for a small investment," he added.Rizvi further highlighted that digital gold has increasingly caught the eye of investors as it offers all the benefits of gold along with the ease of trading and transactions in smaller denominations. Customers get certified gold with quality assurance which is stored securely in vaults. There are no making charges associated with it, as is in the case of physical gold or jewellery, thus enabling greater savings to customers. It offers the added advantage of customers not having to worry about the storage or the insurance as we take care of it all for them. The ease of selling whenever needed through the app, is another crucial benefit. This Akshay Tritiya, people can also easily gift digital gold to their loved ones. Digital Swiss Gold provides customers with 100% certified Swiss gold, ethically sourced and stored in fully insured non-bank Brink’s vaults in Zurich Switzerland. With DSG, customers get an additional savings of 7-10%."Digital gold is the way to go for customers now and the future because of the unparalleled benefits it offers over physical gold purchase and other tools like gold ETFs and gold funds, where customers need to pay for the cost of the demat account as well as an annual maintenance cost, which is not the case with digital gold," he said. "Another option is the Sovereign Gold Bond which offers attractive pricing and an annual return, but, requires the secondary market to sell if you need access to your cash, this can be quite expensive and liquidity may not be available when needed, also, the required holding period is up to eight years so it is more like long term bond ownership,” Rizvi added.Currently, there are three companies that offer digital gold in India- Augmont Gold Ltd, MMTC-PAMP India Pvt. Ltd. a joint venture between state-run MMTC Ltd. and Swiss firm MKS PAMP and Digital Gold India Pvt/ Ltd with its SafeGold brand. Apps and websites like Paytm, G-Pay etc only provide a platform for metal trading companies like SafeGold and MMTC PAMP. Once you invest in digital gold, these trading companies purchase an equivalent amount of physical gold and store it under your name in secured vaults.