Digital or traditional gold? What form of gold to buy this Akshaya Tritiya.
Akshaya Tritiya 2023, a festival celebrated in Hinduism, is considered to be very auspicious for buying gold and silver. Just like Dhanteras, people shop for gold fiercely on this day. However, due to the tremendous rise in gold prices, many people are avoiding investing in gold this Akshaya Tritiya. This year, 24 carat gold is being sold at more than Rs 60,000 per 10 grams, which is 14.3 percent costlier compared to last year. To reduce inflation, the Fed Reserve of America has continuously increased its interest rates, putting pressure on gold prices. Experts predict that due to rising interest rates, the price of gold can increase tremendously, and it may cross the mark of Rs 65,000 by the end of this year.
Despite the high prices of physical gold, many people still prefer to invest in it on Akshaya Tritiya. However, an increasing number of people are now opting to invest in digital gold, which eliminates the hassle of storing physical gold. Investing in digital gold provides the same returns as physical gold and can be sold from any part of the country. Due to these benefits, demand for digital gold is increasing, and new investors are particularly fond of investing in it.
One of the best options for investing in digital gold is the Sovereign Gold Bond Scheme offered by the Reserve Bank of India. RBI launches the SGB scheme from time to time, which enables investors to invest in gold bonds without the need for physical gold. Investors can also invest in Gold ETF and keep it deposited in a demat account or choose to invest in Gold Mutual Funds to get good returns in the future. Digital gold of 999.9 purity is also available from companies like MMTC PAMP, Augmont, and SafeGold Gold.
With the rising prices of physical gold, there may be a decline in the number of people who buy gold in the traditional way this Akshaya Tritiya. However, due to the festival's auspiciousness, there may still be a significant number of people investing in physical gold. Those who wish to invest in gold are advised to do so before the wedding season, as experts predict that the price of gold may continue to rise.
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