We Indians love Gold. And this is the time of the year when we flock to the nearest gold jeweler to buy Gold. However, lately buying online Gold has also become very popular. While there is a lot of selection process involved in buying Gold Jewellery, buying Gold Coins is relatively easier. You can now but Gold at a number of places.
5 Things To Consider Before Buying Gold
Here are few things you should consider while buying gold online.
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- Be aware of the latest price of the Gold. This will give you some idea on what is the extra price you are paying. You can find the latest price of Gold on Google.
- Check what is the purity of the Gold. 24 Carat Gold is the purest form of Gold (99.99% is pure metal). 22 Carat Gold means that 22 out of 24 parts is pure God. This amounts to around 91.67%. Similarly, 20 Carat is even less pure and so on. The price that is typically listed is 24K Gold.
- Check for the making charges. Some jewelers charge a large amount for making charges. Just to make it clear, when you sell your Gold back, you are not going to get back this part of your investments.
- If you are buying physical gold, always check if the Gold has been hallmarked by Bureau of Indian Standards (BIS).
- If you are buying Gold for investment, do check if you can sell back to the same Jeweller.
Better Way To Buy Gold Online
Consider buying Gold online, you need to consider all the things mentioned above.
- You need to make sure it is pure
- You also need to pay some making charges (because the Jeweller go to earn)
- You need to worry about the prices, need to make sure you are buying at the right rates.
- One bought, you will have to make sure it is safe.
Now what if I tell you a way where you don’t have to worry about these things. Buy Gold Mutual Funds.
Gold Mutual Funds invest in Gold ETFs, which in turn invest in Gold (99.5%) and track the gold price. Each gm of gold is equal to one unit of ETF. You can either buy Gold ETF directly (you will need a demat account) or you can buy Gold Mutual Funds.
Here is one of the mutual fund that you can purchase without any paperwork.
Happy Investing in Gold!