Gold prices surged to a record high above $1,070 an ounce as dollar weakness sparked buying of the precious metal as an alternative asset.
Following are key facts about the market and different ways to invest in the precious metal.
Want to buy gold? Here are a few tips
Diwali is next week. The world is going crazy about gold. You want to buy gold too. Easy peasy. Not really.
Every purchase of gold will not part-finance your retirement years. Like all the other important ones (and god knows this one won’t come cheap), your relationship with gold needs a lot of self-awareness. The best way to make gold work hard for you is think a bit hard why you want it and how you will use it.
Is gold fund for you?
The traditional way of investing in gold is holding on to the yellow metal physically. You would buy gold ornaments, coins and bars from the jeweler and keep it away in a bank locker.
According to the World Gold Council, an estimated 15,000 tonnes of gold is held by households here.
Most of it is in the form of jewelry. India imports between 700 and 800 tonnes of gold a year. Holding gold in the physical form is not without problems. The most crucial issue being verification of the quality of gold sold to you.
Storage and safekeeping of this asset is another important issue to reckon with. Traditionally, gold is purchased on festive occasions.
Gold seen as safe investment but bear in mind few tips!
The world seems to be reinforcing our magnetic affinity to gold.
Global demand for gold coins and bars is reportedly sharply higher today and unlikely to ebb in the near future.
Prices are at the kind of high that most of us hoped to see in our retirement years.
Not surprising , as gold is seen as a safe investment parking slot in a bear market, and tends to move in the opposite direction of stocks.
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