Interesting to invest in gold trading? If yes then you are on right place, 70trades can help you to make your first investment in gold successfully.
If you are interested to earn some extra income to handle expenses, then get ready and make your trade with 70trades.
Gold is one of the most preferred investments in India.
Gold prices shoot up when the markets face turbulence.
However, there are newer forms of gold investments nowadays, such as gold ETFs (exchange-traded funds) and gold mutual funds.Gold ETFs are similar to buying an equivalent sum of physical gold but without the hassles of having to store the physical gold.
Hence, there is no risk of theft/burglary as the gold is stored in Demat (paper) form.
You must complete your KYC at a KRA (KYC Registration Agency) online by filling the KYC registration form and uploading the self-attested identity proof such as PAN Card and address proof such as Passport/Driving License/Voter ID and also a passport size photograph.
You may invest in mutual funds offline by visiting the mutual fund house and filling up the application form and submitting documents for KYC compliance.How to invest in mutual funds online in India?You may invest directly with the mutual fund house through the direct plan.
According to Somassundaram P.R., regional(India) CEO of World Gold Council, demand for gold in India which was 47% higher in the July-September quarter as compared to the previous year is expected to rise further due to the festive season.India has a demand of 139.1 tonnes in Q3 2021which is 47% higher as compared to 2020.
This is mainly due to a firm grip on the pandemic with high vaccination rates and falling number of covid cases which has to lead to a strong rebound in economic activity.
As per the data released by the council, demand for gold jewelry increased 58% and demand for bars and coins as investments grew by 18% and according to a report released by the council, 20.7 tonnes of gold has been recycled which is a 50% drop.
This indicates that consumers plan to hold gold rather than sell it.
Further, the CEO pointed out that the upcoming festival and wedding season could be one of the busiest gold-buying seasons since the start of the pandemic.CEO said “In the months ahead, soaring commodity prices and logistics costs are expected to impose further pressures, and the RBI has already adjusted its inflation expectations higher.
Rising inflation tends to drive gold demand Gold is perceived as a strong hedge against inflation and decades of data supports this assumption.”
Commodity trading and currency trading are two completely different types of trading.
Here are a few factors that affect both of these.