With many states under lockdown to stop the spread of the novel coronavirus, the Covid-19 pandemic has surely turned Akshaya Tritiya 2021’s celebrations sour. Gold buyers are unable to buy physical gold on the day, as jewellery showrooms are shut across the nation.
Since buying gold is considered auspicious on Akshaya Tritiya, investors are now on the lookout for physical gold alternatives to celebrate the festival. If you are planning to go ahead with gold alternatives, then we have these three alternative suggestions for you:
1. Gold fund
Gold funds are basically open-ended funds in which you invest your money. These funds offer high security, and they invest in units of a Gold Exchange Traded Fund (ETF). The funds generate wealth by using the potential of gold as a commodity.
If you’re planning to buy a Gold fund then you need a Demat account. However, you will have to invest your money in one go, as the Gold fund doesn’t allow SIPs.
2. Gold ETF
Gold Exchange Traded Fund or Gold ETF is another investment instrument in which you safely invest your money. Gold ETF is basically a commodity-based Mutual Fund that invests your money in gold. ETF are like stocks, and are actually traded in a similar manner on the stock exchange.
For buying Gold ETF, you don’t need a Demat account. You can invest in Gold ETF via platforms that sell mutual funds. The best part of Gold ETF is that you can invest in it via monthly SIPs.
3. Digital gold
Digital gold is one of the most popular physical gold alternatives, as this investment mode allows investors to bet directly on gold. You can use platforms like Paytm, PhonePe, Amazon Pay, among others to safely invest in digital gold. You can invest as little as Rs 1 in digital gold.