Akshaya Tritiya 2020: Should You Buy Gold Online?

New Delhi: Gold has always been the safe haven for investors but the pandemic situation across the world has left everyone worried. Akshaya Tritiya is associated with buying gold but with strict lockdown imposed everywhere, this year it’s not possible to physically buy gold from a jeweller. Also Read – Akshaya Tritiya 2020: Best Wishes, Whatsapp Messages, Facebook Status, GiFs, SMS to Send Akha Teej Greetings

Here’s what you can do instead Also Read – Akshaya Tritiya 2020: Date, Shubh Muhurat, Religious Importance, Best Time to Buy Gold And How to Celebrate Amid COVID-19 Scare

1. One can buy gold exchange-traded funds from stock exchanges almost at the actual rate. For this, one needs a trading Demat account. There is a minimum limit. Returns are also low. Also Read – Coronavirus Fear: Gold Logs All-time High of Rs 43,590

2. Sovereign Gold Bonds involve fewer risks. These are government securities, issued by the RBI in the multiples of one gram of gold.

Should you buy?

Gold is still trading above Rs 46,500 levels. On Friday (24 April), gold futures were up 0.17 per cent or Rs 78 to Rs 46,505 per 10 grams. In the previous two sessions, gold prices had rallied about Rs 1,300 per 10 gram. On the Multi Commodity Exchange, gold contracts for June traded higher by Rs 315, or 0.68 per cent, at Rs 46,742 per 10 grams in a turnover of 16,400 lots.

So yes, it’s still a safe investment.

Buying through mobile wallets

Paytm, PhonePe, Google Pay are selling gold in collaboration with MMTC-PAMP. On PhonePe, buying of gold starts from Re 1 or 0.001 grams. However, to sell it, one must have a minimum gold worth of Rs 5. You cannot buy and sell on the same day.

On Paytm, minimum value to buy gold starts from Re 1 to a maximum of Rs 1.5 lakh. In grams, you can buy a minimum of 0.0005 grams and a maximum of 50 grams. Paytm tied up with jewellery stores such as Kalyan Jewellers, PC Jewellers etc.