India is one of the most active countries when it comes to Gold buying. Thousands of Indian investors have been purchasing Gold for decades, as a safe-haven investment. In the recent years, even the Bank of India started investing heavily in Gold, to protect itself from the decline of the dollars. Many banks in Asia, including the Bank of China, have followed on the footsteps of the Bank of India and started stocking up in Gold as well.
If you are located in India and would like to buy Gold, you have several options:
Buy Gold from Major Indian Banks
You can go to any reputed bank branch such as the Bank of India and purchase Gold there. Not all branches sell physical gold, but most of them do. However, the problem is that you cannot sell them back your Gold. They are happy to sell your their own Gold but will never buy it back. Also, if you are planning on buying more than Rs.50,000 worth of Gold coins or Gold bars, the bank will ask you for your PAN details. Jewelers will not ask you for such documentation.
Buy Gold from Jewelers
Buying from jewelers can either be better or not. It depends on the jewelry. We recommend dealing with a Jeweler that has been recommended by family members or the community that you live in. The advantage of dealing with a jewelry is that they will usually accept buying back your Gold if you want to sell.
Buy Gold from the Post Office
This might be a surprise for most people, but the Post office actually sells gold coins! However, just like the bank, the Post office will not buy back your gold. They only sell gold. Also, they charge a premium on Gold buying. This premium might or might not be cheaper than the bank. It is up to you to go there and ask for information.
Buy Gold Online
This is probably one of the best options. Many Indian investors have been buying Gold online on websites like Bullion Vault. Bullion Vault is a UK-based Gold Dealer that has developed an online Gold Buying Platform. The advantage of buying online from BV is that they actually store the Gold for you in one of their secure vault locations (London, Zurich or New York). This way, you can buy as much gold as you want and trade it (sell it) whenever you want using their online platform. This way, you avoid the hassle of carrying the gold with you and you get to sell your gold in a few clicks. Also, BV allows you to buy/sell in 3 different currencies: GBP, USD and EUR. Check out Bullion Vault’s website for more details.