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Digital gold sees increased demand esp. during festivals

Digital gold, especially that of mutual funds and exchange-traded funds, was popular this Akshaya Tritiya as it helps investors to buy into gold for less than ₹55 a unit even as gold prices hover above ₹60,000 per 10 gram.In fact the minimum amount one can buy is as low as one rupee.

One of the main benefits of buying digital gold is that it minimizes worries about purity, storage, and security because these aspects are assured.If the basic idea of holding gold is only for investment purposes, buying gold in digital form would be more suitable.

Also, digital gold can be used as collateral while taking a loan.

So far only government-accredited gold refiners such as MMTC-Pamp, Augmont and SafeGold offered digital gold through tie-ups with financial service providers and jewellery brands.

During Diwali 2022, SafeGold saw record-high traffic across all platforms with over 5.7 million users transacting in digital gold.The surge was driven by male users with 81% of total transactions as compared to 19% of females.

With rapid advances in digitization and an increasingly tech savvy customer base, digital gold is becoming a popular option for gold investment.And, this is just the beginning…. digital gold's glitter is here to stay.

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