Gold buying: 6 ways to buy and invest in gold

economictimes.indiatimes.com:

gold in some form or the other. Traditionally, Indians have bought gold as a way of saving for a rainy day or their important financial goals. Therefore, buying gold is seen as a financial support system.

At present, there are two routes to buy gold — paper and physical. Within each, there are various ways to buy the yellow metal. Here is a look at six ways you can buy and invest in gold.

Physical gold

• Gold jewellery

Owning gold in the form of jewellery has concerns like safety, high costs, and outdated designs. Then there are the making charges which can bump up the cost of gold jewellery. Making charges vary depending on the type of gold jewellery you are buying. If the design on the gold jewellery is intricate, then there will be high making charges.

Also read: What is the latest gold price

• Gold coins

Gold coins can be bought from jewellers, banks, non-banking finance companies, and now even e-commerce websites. Gold coins and bars are of 24 karat purity and 999 fineness. All coins and bars will be hallmarked as per the BIS standards. It is advisable that one must buy gold coins in a tamper proof packaging. The packaging is a guard against counterfeiting, fraud, and damage. Gold coins are available in the market ranging from 0.5 grams to 50 grams in weight. However, one must check the availability of the denomination you wish to buy from the jeweller.

• Gold savings schemes

Over the past few years, many jewellers have launched gold savings schemes. Gold or jewellery savings schemes allows you to deposit a fixed amount every month for the chosen tenure. When the term ends, you can buy gold (from the same jeweller) at a value that is equivalent to the total money deposited, including a bonus amount. This conversion is done