Akshaya Tritiya 2022: How to buy, sell gold on Google Pay; check step-by-step guide

Akshaya Tritiya Gold Buying: It is considered auspicious to purchase gold during festival seasons. Akshaya Tritiya is a festival where buying gold is considered to bring wealth and good fortune.

One does not have to physically go to a jewellery store to purchase gold. Now, one can buy or sell gold online via several platforms--Google Pay is one way to about it. 

What is digital gold?

Digital gold is a means of investment that allows you to purchase 24 Karat, 999.9 pure gold, which is subsequently deposited in a secure vault under your control. You can trade digital gold for 24 Karat, 999.9 pure gold coins and gold bars if you want to take possession of it.

According to the Google pay website, when you use Google Pay to buy or sell gold, you're buying 99.99 per cent pure 24 K gold units from MMTC-PAMP. Your gold is kept in a Gold Accumulation Plan (GAP) that MMTC-PAMP manages for you by keeping it in physical form as a custodian for as long as you possess it. Gold purchases made through MMTC-PAMP are fully guaranteed, ensuring that your gold is safe.

According to a report released by NITI Aayoge, "The Government had launched the Sovereign Gold Bonds Scheme (SGBS) on November 5, 2015. The main objectives of the scheme were to reduce the demand for physical gold and shift a part of the gold imported every year for investment."

Here's how to buy gold via google pay

To buy gold on Google Pay, follow these steps:

Step 1: Open Google Pay and tap new

Step 2: Enter "Gold Locker" in the search bar.

Step 3: Click on Gold Locker and click Buy.

The current market buying price of gold (including tax) appears. This price stays locked for 5 minutes after you begin the purchase, as the buying price may change throughout the day.

Note: Taxes may be different in different areas based on your postal code.

Step 4: Enter the amount of gold you want to buy in INR and select Checkmark.

Step 5: Select your preferred payment method and proceed to pay.