In India, buying gold is not just a tradition; It’s also a sound investment. People consider it auspicious to buy gold on festivals and special occasions. Gold showrooms usually witness huge rush during festivals like Akshaya Tritiya, Pushya Nakshatra and Dhanteras. Apart from this, huge crowd is also seen during the wedding season. But, did you know that showrooms are not the only place where you can buy gold? Today, we will tell you about many other ways to buy gold apart from showrooms, and also tell you which methods prove to be the most economical.
Where can you buy gold?
There are three main ways to buy gold. The first is the traditional way: going to a showroom to buy gold jewelry or items. Another way is to buy gold through mobile app, in which you can invest even with less money. The third way is to buy gold through banks. Let us know about these three methods in detail:
**Jewelry Showrooms:** Most cities have several jewelry showrooms, from where you can buy gold and silver jewelry and other items. This is the oldest and traditional method. Buying from the showroom also gives confidence and trust to the buyer. Gold purchased from these places usually has the hallmark of BIS (Bureau of Indian Standards), due to which there is no doubt about its purity. But, when buying from a showroom, you also have to pay additional expenses of “making charge” and “waste”, which increases the final price of gold slightly.
**Bank:** Another way to buy gold is through banks, where you can buy gold specifically for investment purposes. Banks sell 24-karat pure gold coins and bars (bricks), which are fully certified. But, the price of gold purchased from the bank is usually slightly higher than the prevailing market rate. Additionally, banks generally do not buy back the gold they sell; This limits your options if you want to sell your investment later.
**Mobile Apps:** A third way to buy gold is to use mobile apps—this method has become increasingly popular in recent times. Through the mobile app, users can buy “digital gold.” Platforms like PhonePe and Paytm allow people to invest in gold even with very little money. Gold purchased through these apps is guaranteed to have 24-karat purity; It is a safe investment option and can be easily sold if needed. You can also convert it into real gold. However, because it is a completely digital process, many people are skeptical of it.
Which is the best among these three options?
In their own context, all three options are excellent. If you want to buy jewellery, showroom is the best place. On the other hand, if you want to make a smaller investment, the mobile app is a better option. Buying gold from a bank may cost more, but you won’t have to worry about its purity.
Additionally, the best option depends on your specific objective—that is, for what purpose you are buying gold. If you have less time and less budget, then you can easily buy gold through mobile app. On the contrary, if you are in a hurry—perhaps because of an upcoming family function—then buying gold directly from the showroom would be a wise decision.
