Useful tips to remember when buying gold

Kapil Narang, chief operating officer, Ameriprise India Pvt. Ltd, says if one is not buying hallmarked gold, one should rely on a trusted jeweller.

"Banks sell hallmarked 24.99 carat gold. If you are not buying hallmark gold, rely on a trusted jeweller or one who has long been in the market. One must also take into account associated costs like locker rentals, erosion and making charges. Lastly, keep in mind the ease of reselling," Narang said.

"If you are looking to invest in gold, coins are the best option as they offer liquidity, are accepted everywhere and are easy to store. Most people, however, like to buy jewellery as it offers the benefit of adornment while being a safe investment," he said.