Akshaya Tritiya is a day in the Hindu calendar that is assumed that it brings good luck, fortune and prosperity with the purchase of gold. The Akshaya Tritiya is falling on the April 26, amid the nationwide lockdown.
Gold is a long term investment but it is expected that it is going to hit all time high due to coronavirus spread and the analysts expect rates to stay high until there is a clear sign of recovery in the global economy.
Those who wish to celebrate Akshaya Tritiya by buying gold amid the nationwide lockdown, here are several options for it:
1. E-Gold
e-Gold or electronic-gold was introduced in India by NSEL (National Spot Exchange Limited) wherein investors can invest in the precious metal in small denominations from authorised brokers and hold it in their Demat account. Unlike gold ETF, 3 years qualifies as LTCG for e-gold.
2. Digi Gold
The online payments app like PhonePay, Google Pay, Paytm offers users to purchase 99.99% pure 24K gold digitally for an amount as little as one rupee through MMTC-PAMP.
MMTC-PAMP India Pvt Ltd is a joint venture between PAMP SA, an independently operated Swiss precious metals refining company and MMTC Ltd, a Government of India undertaking and India’s largest bullion trader.
3. Gold ETFs
These exchange-traded funds (ETFs) are passively managed mutual funds that invest in standard gold bullion (99.5 per cent purity). You can buy these from the stock exchanges using your trading and Demat account.
4. Pre-book gold on Jewellers’ website
There are many leading jewellery chains that are offering pre-booking on their website that will allow you to buy or pre-book any design of jewellery you like and for future delivery. These could be home delivered or picked up from the nearest outlet of the brand. The conditions defer as per the brand.
5. Sovereign Gold Bonds
The Reserve Bank of India (RBI) issues these bonds on behalf of the Government of India every few months.
The most recent series closed for the subscription of 24 April. If you missed the Sovereign Gold Bond 2020-21 Series I, you can also consider buying these from the stock exchanges.
6. Gold Mutual Funds
These are fund of funds (FoFs) that invest the corpus in either their own gold ETFs or a foreign gold fund which is the mother fund. Gold mutual funds allow systematic investment plans (SIP) which suit investors who wish to invest in gold regularly and avail benefits of rupee cost averaging (buying more units when prices are low and fewer units when prices are high).
