April 18, 2013 9:00 am
It is efficient to buy gold from icici bank? I was planning to buy about 40 gms.
Dear Rajan, please check the final price of 10GM gold by ICICI & the same in your local Gold shop. Also ask to your local shop, how much money ‘ll you get is you sell your coins or bars purchased from banks.
The answer there ‘ll be self explanatory for you. In simple words, the gold purchased from banks is much costly than the one you purchase from local shop (i’m referring here only pure gold of 99.9% as offered in banks)
Ashal and FFC,
Please elaborate on your points..to help me understand better.
Invest in gold only for the long term. If you want physical gold for a marriage say 2-3 years away buy it as jewellery on day when the rate is low.
For long term invest in a Gold ETF (demat acc needed) or in a gold mutual fund like Quantum gold savings.
Invest only 10% of total investment amt for a goal in gold not more.
Invest and dont monitor gold prices everyday. Remember gold has returned about 8-9% in the long term much less than equity.
I havent invested so far in gold so want to give it a try.
If you buy gold coins from banks you cant sell it back to them!
Most jewelers will not accept it. It can serve as a nice showcase item!
Dear Rajan, the gold purchase from ICICI – i assume you are referring to coins or Bar offered by bank, is a costly affair. Why do you want to purhase physical gold? any specific reason?
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