What Is Digital Gold and How Does It Work?

What Is Digital Gold?

Have you been hearing about digital gold lately? Are you wondering what exactly is digital gold? Digital gold is an innovative way to invest in gold but digitally. Investing in gold has always been favoured by people and with the arrival of digital gold, that becomes even easier. With digital gold, you don’t have to save for months to invest in it, you can start with an amount as small as INR 100 and can be assured of its quality.

One of the biggest problems with buying and investing in digital gold was that one needed to have a good amount of money for buying it. The second problem was that one needed to go to a trusted jeweller to have assurance on the quality of the gold and the third problem was where to safely keep the gold after purchasing. 

These reasons make digital gold a much better option for gold investors/buyers as it solves all three of those problems. 

How Does Digital Gold Work?

With the digital advancement we have, every other day a new thing is made available at your fingertips. And now with digital gold, you can buy, store and/or invest in gold, digitally and that too within a few minutes. But how does digital gold work? 

Here is how-

  • There are many platforms such as Paytm Gold that allow their users to buy digital gold
  • You can check the prices of the gold on these platforms and buy a digital gold of whatever amount you want
  • Gold of worth equal to the money you decided to put in digital gold will be bought in your name and will be kept safely in the vaults on your behalf
  • You can get your gold delivered whenever you want to your place
  • You can also liquidate your digital gold and sell it at real-time market prices whenever you want

So, not only does digital gold ease out the process of buying or investing in gold but it also eases out of storing and selling the same. And all of this can happen within a few minutes, whether you want to buy digital gold or sell it, it will take just a few taps and it’s done.

Read More: Reasons to Invest in Digital Gold & The Risks Involved

Benefits of Digital Gold

There are many benefits of digital gold, which is why it is prefered by more and more people with time. Here are some of the benefits of digital gold-

  • There is no storage cost for digital gold 
  • You have access to real-time market prices of gold for both buying and selling of the digital gold 
  • You can sell or buy digital gold within a few minutes 
  • You can invest any amount in digital gold, even as low as INR 100
  • Digital gold services provide premium safety to your purchased gold
Read More: How to Buy, Sell or Invest in Digital Gold

Conclusion

The digital gold has revolutionized the means of investing in gold. Now anyone can buy digitally from anywhere and in any amount they want. It provides people with access to real-time market prices, quality assurance, and safe storage of their gold. Digital gold can also be liquidated easily, unlike trading in gold traditionally.

FAQs
Ques: Where can I buy digital gold?
Ans: You can buy digital gold on Paytm, just follow these simple steps:
  • Go to the Paytm Digital Gold page
  • Select your option from Buy in Rupee /Buy in Grams
  • Enter your amount and click on Proceed
  • Complete your purchase and you have your digital gold now!
Ques: Can I check the live gold price on Paytm?
Ans: Yes, you can check the live price of gold on Paytm. Just visit the Paytm Gold page and you will find the live gold price on top of the page.
Ques: Where is the gold kept after I purchase digital gold?
Ans: Whenever you purchase digital gold, the merchants will keep your gold safe in a vault on your behalf. There are no additional charges for keeping the gold in a safe or a vault.
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