Dhanteras, a significant festival preceding Diwali, is being celebrated with great fervor across the country today. It's considered highly auspicious to purchase gold, silver, and new utensils on this day, leading to a massive surge in sales of precious metals, while this year, despite gold prices reaching unprecedented highs, a slight dip in overall purchasing volume is anticipated, though devotees will continue to buy as per tradition and capacity.
Gold Soars to Record High, Silver Sees Decline
On Friday, in the Delhi bullion market, 99. 9 percent pure gold surged by Rs 3,200 to touch a new all-time high of Rs 1,34,800 per 10 grams. Conversely, silver prices witnessed a significant drop of Rs 7,000, settling at Rs 1,77,000 per kilogram, while despite these volatile prices, several avenues are available for those looking to invest in gold and silver on Dhanteras.
Where to Buy Gold and Silver
For those preferring physical gold or silver, such as jewelry or coins,. A visit to any reputable jewelry shop or store is the traditional method. It's advisable to prioritize hallmarked items to ensure purity and authenticity. Also, a growing number of platforms offer options for purchasing digital gold and silver, catering to modern investment preferences.
Platforms for Digital Gold and Silver
India has seen a rapid increase in platforms facilitating digital gold and silver purchases. Consumers can work with mobile apps from major players like Tanishq (Tata Group's jewelry brand), MMTC-PAMP, CaratLane, Airtel Payments Bank, Groww, Paytm, PhonePe, Google Pay, Amazon Pay, Jupiter, and Gullak. Digital gold is typically purchased in 24-carat purity. It's important to note that fewer platforms currently offer digital silver compared to digital gold.
Other Investment Avenues and Limitations
Investment in gold and silver can also be made through Exchange Traded Funds (ETFs). However, due to stock market holidays today, trading in gold and silver ETFs won't be possible. Plus, the central government has discontinued the Sovereign Gold Bond Scheme, which was once considered one of the most attractive and secure options for gold investment.
