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UNIVERSITY OF MUMBAI (2022-

2023)

A PROJECT REPORT ON
“GOLD AS AN INVESTMENT OPTION”

SUBMITTED BY: RIDDHI DINESH LADVA

ROLL NO.:5752

MASTERS OF COMMERCE
(BANKING AND FINANCE)
SEMESTER III
(2022-2023)

PROJECT GUIDE
MS. JIGNA N. CHOLERA

SADHANA EDUCATION SOCIETY’S

L.S RAHEJA COLLEGE OF ARTS AND COMMERCE JUHU
ROAD SANTACRUZ (WEST)
MUMBAI – 400 054
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CERTIFICATE

This is to certify that Miss Riddhi Dinesh Ladva has worked and duly completed his Project Work for
the degree of Master of Commerce under the Faculty of Commerce in the subject of banking and
finance and her project is entitled under my supervision. I further certify that the entire work has been
done by the learner under my guidance and that no part of it has been submitted previously for any
Degree or Diploma of any University. It is his own work and facts reported by her personal findings
and investigations

Ms. Jigna Cholera Name of project Guide

(Internal Guide) (External examiner)

Mr. RAJU D. GOLE Dr. DEBAJIT N. SARKAR

(Course Coordinator) (Principal)

Date of Submission

College Seal
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DECLARATION

I the undersigned Miss Riddhi Dinesh Ladva, the work embodied in this project work titled Gold as an
Investment option forms my own contribution to the research work carried out under the guidance of
Ms. Jigna Cholera is a result of my own research work and has not been previously submitted to any
other University for any other Degree/ Diploma

Wherever reference has been made to previous works of others, it has been clearly indicated as such
and included in the bibliography.

I, hereby further declare that all information of this document has been obtained and presented in
accordance with academic rules and ethical conduct.

Riddhi Dinesh Ladva

Roll no.: 5752

Certified by:
Ms. Jigna Cholera
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ACKNOWLEDGEMENT

To list who all have helped me is difficult because they are so numerous and the depth is so
enormous.

I would like to acknowledge the following as being idealistic channels and fresh dimensions in the
completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do this project.

I would like to thank my Principal, Dr. Debajit Sarkar for providing the necessary facilities
required for completion of this project.

I take this opportunity to thank my Coordinator, Mr. Raju D. Gole for her moral support and
guidance.

I would also like to express my sincere gratitude towards my project guide Ms. Jigna Cholera whose
guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference books and
magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped me in the
completion of the project especially my Parents and Peers who supported me throughout my project.
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Executive Summary

Managing investments is of utmost importance. Recognizing the important role that investments can play in
helping countries cope with economic development. Investing is putting money to work in order to grow it.
When you invest in stocks or bonds, you are putting that capital to work under the supervision of a firm and its
management team. Although there is some risk, that risk is rewarded with a positive expected return in the form
of capital gains and/or dividend & interest flows. Cash, on the other hand, will not grow, and may very well lose
buying power over time due to inflation. Put simply, without investment, companies would not be able to raise
the capital needed to grow the economy.
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INDEX

Page no.
1 Introduction 7

2 Research Methodology 9

3 Objectives and Scope 11

4 Literature Review 13

5 Types 15

6 Characteristic 17

7 Factors 19

8 Pros and Cons 23

9 Impact of Corona Virus 25

10 Significance 28

11 Strategy 30

12 Data Analysis and Interpretation 32

13 Findings and Suggestion 47

14 Conclusion 49

15 Bibliography 51
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INTRODUCTION

Gold as an Investment Option

Gold is the one of the precious metals plays an important role in our economy, Gold is the symbol
of beauty, in our country gold has some heritage value, now a day for all occasion’s gold is an
inevitable element.

In the current market scenario of high volatile, rapidly changing market place, various avenues for
investment in gold are creating the confusion among investors. As per various studies 16,000 tons
of gold is there in Indian household predominantly in the form of jewelry, Coins, bullions, ETF,
mutual fund, E-gold etc. The present study “A study on various form of gold investment “tries to
study forms of gold investment available to investors, factors need to be aware of and know-how
of investing in gold, pros and cons of various forms of investment and to assist investors in
creating awareness about various gold investment options. For the purpose of the study the
primary data and secondary data has been collected. Primary data consist of questionnaire and
secondary data through websites, research paper and magazines. Based on the research it is found
that many investors still prefer gold coins and bars form of investment and prefer to invest in Gold
mutual fund and ETF which gives more profit and easy form of investment.

My study tries to focus about different gold investment schemes available in the market and also
the investor’s attitude towards the investment.

Financial system consists of financial institution, market, services and instrument that are closely
related with each other. The role financial institution, services, market have increase in nowadays
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compared to the past decade; the only reason for this was customer are aware about this. There are
so many institutions that are conducting coaching classes for the financial system, for example
Tata Institute in Bombay is a leading institute conducting coaching classes for actuarial course in
the field of insurance.

India has always been known as elephant of the investment world. It moves slowly but surely.
Investment is a planned method of safely putting ones saving into different outlets to get a good
return. the essential quality of an investment is that it involves waiting for reward. Investment
involves long term commitment investment is a commitment of a person’s fund to derive future
income in the form of dividend, rent, interest…. etc. There is positive relationship between
investment in right scheme at right time without any loss.

Gold as an asset plays very important role in an investor’s portfolio as if not only provides
stability for returns but also gives an opportunity to maximize the wealth of the investors.
Investors generally buy gold as a way of diversifying risk. Price of gold is determined by the
market force of demand and supply. Central bank keeps some portion of their securities in the
form of gold. Some studies pointed out that US central bank is the largest holder of the gold they
own 8133 tons of gold it represents 63.8% of American foreign reserve. Gold is hedging tool
against inflation.

Gold is traditionally considered by investors as a safe investment, especially during a time of

recession with high risk of inflation, exchange rate depreciating and bank collapse. The main
reason is that unlike any currency, gold has an intrinsic value. It is a precious metal. Being widely
used in modern technologies. Historically, gold was use as a currency in old times. Even no its is
still considered as the backup of currency for governments and central banks. The current gold
price indicated in terms of currency and the current price of currency is affected by the ongoing
financial crisis.
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RESEARCH METHODOLOGY

Objectives of the Study

 To provide conceptual explanation of International Bond Market

 To find out and gain the knowledge regarding the International Bond Market amongst
the common people
 To know the historical growth of International Bond Market

Scope of the Study

The study has covered students of financial markets and professionals from financial world
from Mumbai and was randomly selected.

Sample Size

The population of students from financial markets and professionals are quite large and due
to time constraint, it was not possible to collect all. So, the researcher has decided to take a
sample of 56.

Sources of Data Collection-

Primary Data

Primary data is data that is collected by a researcher from first hand sources using methods
like surveys, interviews and experiments

Primary data was collected through survey with the help of Questionnaire Method.
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Secondary Data

Secondary data is research data that has previously been gathered and can be accessed
by researchers.

Secondary data was collected from:

 Business Newspapers
 Money control
 Economic Times
 Books etc.

Limitations of Study

 The study confines to people at Mumbai city, hence the findings cannot be
generalized.
 Due to shortage of time the sample size is limited to 100 only.
 The information provided by the respondents in spontaneous and they may not be
consistent.
 Accuracy of the primary data collected depends upon the authenticity of the
information field by the respondents of questionnaires.
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OBJECTIVES AND SCOPE

Objectives of investment in Gold-

The investors behavior has changes tremendously after the recession effect. India was
not directly affected with the sub-prime crisis effect which had lately hit the world. Fear has
struck the mind of the investors heavily and spending lavishly has lost its energy as people
have started investing more than spending. So, it’s the time to study the behavior of an
investors and to understand his/her feelings, his/her anticipation and perception that are
related to an investment that he/she is making.

 To study the various options available for investors in gold investment.

 To study the influence of age on the investing in gold.

 To study the influence of gender on the investing in gold.

 To study the impact of income level on gold investment decision.

 To understand the perception of males and females towards gold as investment.

 To study the investors awareness on various form of gold investment.

 To study the Pros and Cons of various form of gold investment.

 To assist in creating awareness among investors on various golf investment.

 To identify the factors influencing investment choice in gold.

 To compare the investors choice for gold and other options.

 To determine the underline modal of investment choice in gold.

 To study the attitude of investors towards investment in gold.

 To identify the reason for investment in gold.

 To know the method of investment in gold market.

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Scope of investment in Gold-

 The proposes study would focus on the investment behavior and choice making gold
by common investors, which would be helpful to various organization. The study will
cover other investment avenue and will aim at determining the choice modal of a
common investors. There may be some other factors which have a dominant influence
on investors choice. So, to explore those factors the study would be done.

 The study on gold as an investment option is conducted to know the various method
od investment option available in India and also the factors affecting the investment
decision of the investors. Today gold is becoming attractive avenue in perception in
investors towards investment in gold is highly significant,

 The analysis of the factors which affect the prices of gold and the investment
decisions in gold. A comparative analysis of these factors has been done on the
various parameters like Standard Deviation, Regression; Correlation to make possible
the tedious of task of analysis of these factors. Further analyzing the factors will
suggest the investors that whether it will be profitable for the investors to invest in
gold.

 The scope of the study was to get a clear view about the concept of gold as an
investment option the report covers brief description about gold market. It gives brief
idea about gold market and investment in gold
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LITERATURE REVIEW

Ahmed Imran Hunjra and et. al. in their study, observed the risk and return relationship in
commodity markets as well as stock market on the basis of univariate modeling approach.
The asymmetric and nonlinear relationship between risk and return was observed on the basis
of GARCH- MEAN and E-GARCH modeling approach. The most appropriate models for
commodities and stock markets are reported. The overall results indicate that Asymmetric
and seasonal effect was present in commodities market and stock markets. But the
asymmetric properties and seasonal effect was most dominant in stock price risk and return
relationship.

Dr. Shefali Dani and Riddhi Ambavale, in their study found that Gold and Silver are the
most popular metals in India. Investors do invest in Gold and Silver with their other
investment alternatives like stocks, mutual funds, real estate property and the like. The
research is that before the year 2006, investors regularly make investment in Gold and Silver
but they reduce their investment in such metals as the prices of Gold and Silver are at hike
peak for the year 2007 and they have chosen other options from the investment. In Silver,
coins of silver are most popular among the investors. For giving bonus or appreciation on gift
to the employees of the organization on special days. From their study of the investors’
preference on investment in Gold and Silver by conducting research through questionnaire,
we came to know that investors do invest in gold and silver depend on their income and
savings with them.

Several studies focus on the relationship between gold and silver prices. Solt and Swanson3
studied the efficiency of both gold and silver markets and found some positive dependence in
their price series. Ma4 considered gold and silver as close substitutes and conjectures the
equilibrium parity between gold and silver prices in the long run. He showed that significant
trading profits are possible when gold and silver prices are far away from their equilibrium
parity. In turn, he provided evidence against the weak-form efficiency in the relative pricing
between these two markets.
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On the contrary, Ciner found that the stable relationship between gold and silver prices has
disappeared in the 1990s. He concludes that since these two metals have different economic
uses and are affected by different economic fundamental factors, gold and silver are not
substitutes for hedging against similar types of risks.

Draper, Faff et. al. portfolios that contained Gold, Silver, or platinum perform significantly
better than standard equity portfolio. Therefore, the astute investors can minimize risk while
maximizing returns.

Sherman in his study presented that gold markets behaved efficiently- new information is
quickly incorporated into the price. Under conditioning of uncertainty many investors turn to
gold because it is a “Currency without borders”-a highly liquid and secure asset that can be
accessed at any time. In times of economic distress most asset classes tend to move in the
same direction. Gold is correlated to many assets, including equities and bonds. The
economic forces that determine the price of gold are opposed to the forces that determine
other financial assets. Therefore, gold play an important role as a diversifier, acting as a
stabilizing influence for investment portfolios. Thus, a portfolio mix of equities with gold
would result in a portfolio of assets moving independently, with low correlation.

Smith8 in times of economic uncertainty attention turned to investing in gold as safe heaven.
Similarly, Faff and Chan9 reported that gold stocks played an important role as a hedge
against other stocks. The authors reported that and investment in gold provides an effective
hedge against inflation and political instability.

Taylor stated that both gold and silver along with platinum had provided a short and long run
hedge against inflation.
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TYPES OF GOLD INVESTMENTS

1) Physical gold: Generally, physical gold is a part of most people’s investment portfolio.
Physical gold could be invested in the form of gold jewelry, gold coins or gold bullions.
The advantages of physical gold are investors has the direct ownership, and keeps value.
The disadvantages is privately stored gold is with low liquidity, the cost are high which
including delivery and processing fees. Relative to gold coins and gold jewelry, gold
bullion is more preferable to invest because of its lower costs and high liquidity. Vaulted
gold represents gold bullion, it is stored in professional bank vaults. The investors also
acquire the vaulted gold ownership, but doesn’t hold the gold in his own hands.
Commonly, the vaulted gold plays lower cost and provides a high liquidity.

2) Gold Backed Securities: Gold Backed Securities are one of gold investment ways which
indirectly invest gold. It combines the benefits of physical gold bullion with the liquidity
of the traditional securities market. Usually, the gold of securities can be redeemed, but
the redemption fee is relatively high to prevent gold trading frequency. Gold exchange
traded funds (ETF) are investment fund traded on stock exchange, much like stocks.
Different from the stock ETF gold ETF is a financial derivatives product tracking the spot
gold price. Advantages of gold backed securities is ; first the dealing spread are
comparatively lower than physical gold (such as gold jewelry ,coins and small bars)
commonly they are 0.5% ; second , removed from the gold custodial fees, storage fees,
storage fees and insurance costs, only need pay a management fees about 0.4%; at last
with high liquidity , it is convenient to trade. Disadvantages of gold backed securities is
investor does not have gold ownership; some stock exchange impose extra charges on
each trading
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3) Gold mining stocks: gold mining stocks do not directly invest in gold but in gold mining
companies. Compare with other gold investment, it is more speculative. Gold mining
stocks carry risk, thus, as the investors would like to invest gold mining stock should
think again. This investment way needs the investors have a broader risk tolerance, and
can accept the possibility of gold-based losses in exchange for the potential for triple digit
gains.

4) Gold mutual fund: Gold mutual fund are another way to invest in gold. Its suitable for
those investors who would like to invest in physical gold, but still desire some exposure
to the precious metal. However, be careful of high annual charges that may plus hidden
charges, and analyze the offering prospectus prudentially.

5) Gold option and future: gold option and future are the gold investment derivatives
which are short term speculation on the future gold price. The markets are more complex
and trading in speculation but not in physical gold. Thus those ways of investment are
suitable for more experienced and sophisticated investors. To buy option is risky, more
investors lose than win. The prominent advantages is that the investors can control a large
investment with a small, and limited, amount of money. The disadvantages are that option
expire within a fixed period of time. Gold option and futures may bring a large fortune; it
also may be lost all in an instant.

6) Bullions: The value of gold bullion is determined almost entirely by the market price of
gold at the time of purchase. Gold bullions comes in one of the following two forms:
1) Bars: These are larger pieces of gold that are generally not kept in the physical
possession of the investor, and are usually purchased by larger companies and
organizations as opposed to individuals. There are several variations of smaller
sized bars that are kept I by individuals in their possession.
2) Coins: Gold coins are minted in several different one-ounce forms ranging from
1/10oz. to 1 kilo; though one-ounce coins are by far the most popular amongst
small company and individual investors. Coins are kept either in possession of the
investors or in depositories.

7) Gold ETF: Gold exchange traded funds are products (also called Closed End Funds
Exchange Traded Notes) that aim to track the price of gold and are traded on major stock
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exchanges. Each Gold, ETF, CEF (Closed End Fund) and ETN (Exchange Traded Note)
is setup and structured differently. Also, not all of them are backed by physical gold, like
gold ETN which use derivatives to track the price of gold.

CHARACTRISTIC OF INVESTING IN GOLD

Gold is different from stocks. The price of gold does not fluctuate as much as stocks. Like
other investment, its price also goes up and down, but it is not threatened by inflation. As its
shows in figure 1.8(1) the price gold goes together with the inflation. However, the
occurrence of some big events which happened at the peak of gold’s price. The common of
this event are that they cost the instability of the financial world, and the price of gold can
reflect the risk and move accordingly. Therefore, adding gold to a long-term investment
portfolio can diversify the risk on the financial markets.

Figure The Historical Moments of Gold’s price

 No commodity has the same importance as gold even though in the short run it could
grow more than gold. The key difference is that gold was a currency and still is
backing currency. This role cannot be replaced by any commodity on the market.

 Gold has risk. The price fluctuates from time to time. As a figure 1.7(1)
Present above price of gold volatized in the past 20 years. If one buys from the peak
of the market, the price may not come up again at the same level, loss can occur.
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However, this is not exclusively happened to gold market. Every investor will deal
with the same in any market.

 Gold has shown positive result even during the economic downturn and market
volatility. It is of as the best hedge against inflation. Gold has seen strong asset
appreciation in long term and emerged as must have in once investment portfolio.
Gold is an easy and convenient way to diversify your investment portfolio. You can
start investment in gold with a small amount to save regularly for the long term. You
can redeem your gold fund as and when you need. Some of the gold funds such as
SBI gold funds is treated as a non-equity product from the tax perspective. You can
claim long term capital gain, tax benefit on this fund after a period of one year of
investment.

 Another factor that drives gold investment is liquidity. When making an investment
the ease with which you can buy and sell an asset should be primary concern, and
with over USD $100bn in daily trade, gold investment is one of, if not the, easiest
assets for everyday investors to buy and sell.

 Indians buy gold more than any other country in the world and gold has been a
favorite commodity for men women. Gold is used in jewelry since ages. Gold is not
subject to any political chaos and signifies how wealthy a country is.
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FACTORS AFFECTING GOLD PRICE

Gold is a precious metal and one of the most favored forms of investment in India. The
price of gold doesn’t respond to demand and supply alone. In fact, there are a host of other
factors that make it difficult to predict the price of gold at any given time.

Globally some of the factors that influence the cost of gold are inflation and the supply
of gold and the central bank decision to buy or sell gold. The bullion business done by
exchange traded funds, economics conditions and so on.

Most of these factors do dictate gold price in India. But there are some other local
peculiarities that affect both the offline and online gold rate in the country. Let’s consider
them one by one.

In India, love for gold has been passed on from generation to generation which in
hindsight seems a very good choice. In other words, the purchasing power of gold has remind
uniform over the ages.

 Inflation:

It is generally noting that gold price reacts to inflation. As the Indian economy experience
inflation and the local currency weakness, people prefer to invest on gold, which in turn leads
to a rise in its demand. However, it would be wrong to claim that both of these are
exclusively related. Gold price were rising even before the recession of the early 2000’s and
peaked after the situation improved. However, the gold price did respond to the inflation
resulting from the recession.
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 The Central Bank’s decision:

The decision of the Central Bank (Reserve Bank of India in India’s case) to buy or sell gold
can affect its price due to the sheer volume of the transaction. Central Bank hold a significant
amount of gold reserve, which they must sell off when the economy is booming. The gold is
sold in the market though other institutional buyers are not that keen to buy it. This leads to a
slide in the gold price almost every time the central bank begins to reduce its gold reserve.

Such high-volume gold sells and purchases are also done exchange traded fund and are
influential drivers too, transaction done this way eventually impact gold’s demand and
supply.

 Interest Rate:

Gold and interest rate have a simple inverse relationship. Once the interest rate increases,
people sell off their gold and try to use the money to earn high interest. When interest rate
fall, they see more sense in buying gold, thus increasing its demand. However, this is more of
a short-term observation as over long-term period, it is seen that gold price in interest rate
both have rising, thus indicating a long term positive co relation. For example, during the
1970’s, gold boom, rose in spite of a steady rise in interest rate.

 The jewelry market:

Indians traditionally buy a lot of gold for ornamental purpose. Buying gold jewelry is popular
custom across India during festival and weddings. As a result, the demand for gold rises
during festival and wedding season (generally October to December), irrespective of
prevailing price. Thanks to the demand India often ends up importing gold, particularly these
seasons.

 The monsoon:
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While urban India has other interesting investing option other than gold (real estate, stock
market, etc.) rural India has traditionally gravitated towards the yellow metal. This is
substantiated by the fact that 60% of the demand for gold in India comes from the rural
market. A good monsoon result in a good harvest and the income earned is uses to invest in
gold, which is then save for the proverbial rainy day. in case of a bad monsoon, the income
falls drastically and gold comes to the rescue.

 Rupees Strength:

It must be notes that a major portion of India’s gold demand is met through imports. The
reduced purchasing power of a weak rupee leads to a fall in imports and subsequently the
demand for gold. Of course, this is characteristics of India alone as the global gold market is
not affected by domestic currency.

 Portfolio diversification:

Gold is often seen as a welcome change from this stress and risk associated with conventional
assets. It is also observed that gold generally doesn’t have any significant relationship with
other popular assets. Even when a particular asset is under market stress, gold doesn’t seem
to be particularly affected. So once penchant for investing in gold could depends volatility or
stability or another asset.

 Global Movement:

Any global movement in the price of gold affect the price of yellow metal in India. This
majorly derives from the fact that India is one of the largest importers of gold and such when
the import price change due to global movement in price, the same is subsequently reflected
in the price of gold at home. Since the value of currency as well as various financial product
may fall during political upheaval, gold is seen as a safe haven by investors and such the
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demand and price of gold. Rise in times of political chaos as compared to peaceful times. The
interest in buying the gold rises among consumer when the confidence in the government and
markets falter and as such gold is called the crisis commodity.

 Government gold reserve:

Central Bank of most major country’s hold both currency as well as gold reserves. US
Federal Reserve of the US and Reserve bank of India are two prime examples of this. When
central banks of the large country’s start holding gold reserve and procuring more gold, the
price of gold goes up. This is because the flow of cash in the market is increased while the
supply of gold goes down.

 Future Gold Demand:

According to some estimates, global demand for gold is 1,000 tons more than the supply.
With no new mining capacity coming through, most of the gold is being recycled. Therefore,
less of supply is another factor for changes in gold rates. Inflationary pressures in the world
economy are positive drivers of gold prices.

 Weakening dollar:

Under normal circumstances, gold and dollar share an inverse relationship. Since
international gold is dollar denominated, any weakness in the dollar pushes up gold prices
and vice versa. The inverse relationship is because firstly, a falling dollar increases the value
of currencies of other countries. This increases the demand for commodities including gold. It
also increases the prices. And secondly, when the US dollar starts to lose its value, investors
look for alternative investment sources to store value and gold is an alternative for those
investors.

 Good monsoon:
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Rural demand plays an important role in the demand for gold in the country which depends
primarily on monsoons. India annually consumes 800-850 tonnes of gold and rural India
accounts for 60 percent of the country's gold consumption. Therefore, monsoon plays a big
part in gold consumption because if the crop is good, then farmers buy gold from their
earnings to create assets. On the contrary, if there is deficient monsoon, farmers tend to sell
gold to generate funds.

PROS AND CONS OF INVESTMENT IN GOLD

Pros-
 Inflation insurance – One reason people buy gold is to protect them from inflation. The
thinking is that if the Australian dollar gets significantly devalued, gold will retain – and
even increase – its value.

 Disaster insurance – Similarly, some people regard gold as an asset that will always be
in demand, no matter how bad times get. The idea is that you will always have a valuable
asset, even if financial depression or a major war causes the economy to collapse or your
home to be destroyed.

 Diversification – A lot of investors like to spread their money around, rather than putting
all their eggs in one basket. So, you might buy stocks, bonds, property and gold, figuring
that if the markets crash and your first three investments plummet in value, your gold will
retain or increase its value.

 Simplicity – Buying gold coins or gold bullion is easier than picking the right stocks or
property to invest in.
 Tangibility – Some people feel uncomfortable buying assets they can’t touch – like
shares or crypto currencies – because they’re sceptical about whether an ‘electronic file’
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can retain value over the long term. So, they prefer something tangible like gold, which
they believe is more likely to retain its value, no matter what happens in the years ahead.
 Gold will still have value if paper currency inflates- Local currencies constantly
fluctuate against foreign currencies. It’s the way of the world. Policies are in place to hold
currencies steady, but they are not always foolproof. Once a currency begins to make a
downward spiral, it can be very difficult to stop severe inflation, which of course
decreases our purchasing power. Gold is often the more solid option for currency since
there is a finite amount of this precious metal. If you have gold, then you are likely to
hold onto more of your overall worth than someone that has put all of their faith in the
banks and paper currency.

Cons-

 No yield – You can earn interest if you put your money in a term deposit, receive
dividends if you invest in shares or collect rent if you buy an investment property – but
you won’t get any yield from owning gold.

 Low capital gains – Property and shares tend to gain more value in the long term than
gold. For example, while the price of gold increased by 132.9 per cent between 1980 and
2017, the All Ordinaries jumped by 1,133.5 per cent.

 Annoying to transact – Dealers often pocket a significant margin when buying and

selling gold. Also, authenticity is an issue. When you buy, you’ll need to be sure that
you’re acquiring real gold. When you sell, you might have to prove that you’re the
genuine owner of the gold.

 Hard to store – Once you’ve got gold, what do you do with it? Put it in a bank? Hide it
under the bed?

 Volatility – Gold prices can make big changes in a short amount of time. For
example, prices climbed 30.6 per cent in 2010 and fell 27.6 per cent in 2013.
 Gold has a terrible historical return: If you went back 200 years and put $10,000 in
gold, $10,000 in bonds, and $10,000 in stocks, which of these investments would come
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out on top? you would probably not choose gold to be the top investment, but the
astonishing part about this is how poorly it actually performed vs. the stocks and bonds.
Here are the values of your investments after 200 years. Gold: $26,000; Bonds:
$8,000,000’ Stocks: $5,600,000,000! Based on the historical returns, gold is a lousy
investment.

IMPACT OF CORONA VIRUS ON GOLD INVESTMENT AND

PRICE IN INDIA

 The coronavirus impact on markets across the globe has also affected gold, which is
usually considered a safe haven, with extreme price volatility confusing investors. Gold’s
sudden price falls after hitting an all-time high on March 9, is however not being seen by
analysts as a vote against the metal, but rather a sell-off by investors seeking liquidity as
they scrambled to square positions after a month of bloodbath across stock and
commodity exchanges.

 Gold, which traded at $1,674.5 an ounce on March 9, dropped to $1,477.3 on March 18,
as stock markets continued their free fall. “The initial response of investors this month
was to rush to buy gold as stocks and commodities across the board bled. However, as
liquidity concerns arose, many had to sell the metal to raise money to square up,” pointed
out Amit Banerjee, an independent merchant banker specialising in East Asian funds.

 Analysts feel that the precious metal will remain the safe haven it is, and investments
made now will fetch good returns over time. BlackRock’s Global Allocation Fund said
that “with both nominal and real, i.e., inflation adjusted interest rates in free fall, gold is
well positioned to do what it is intended to do: help insulate a portfolio. To the extent the
coronavirus represents a threat to growth, gold should be a particularly effective hedge.”
 26

 According to the comparative analysis of asset classes in calendar year 2020 in a World
Gold Council (WGC) report, while Nasdaq fell 22.1 per cent, commodities as a group lost
26.2 per cent and emerging markets lost 29.3 per cent as of March 18, gold lost just 1.1
per cent in value terms. “Thus far, selling appears more concentrated on derivatives in
exchanges, and over the counter. While gold-backed ETFs have experienced outflows in
recent days, flows remain positive for the year. Funds across regions have seen $3.6
billion of net inflows in March, giving a collective total of $11.5 billion year-to-date,” the
WGC report said.

 Spot gold markets in India remained shut due to countrywide lockdown, while the
precious metal was quoting flat in the international market, according to HDFC
Securities.

 In times of a crisis, investors globally view gold as a safe haven just the way they treat
US government bonds and currencies such as the US dollar, Japanese yen and the swiss
franc.

 Analysts say the precious metal acts as an effective portfolio diversifier and serves as a
store of value, besides being a shield against inflation and a lender of last resort during
economic uncertainties.

 Analysts said the rapid spread of coronavirus cases outside of China and its potential
negative impact on the global economy are prompting investors to take refuge in safe
havens like gold. Gold prices, they noted, have remained firm despite aggressive policy-
easing measures carried out by China to shore up its economy and moderate physical
market activities.

 The investors in the country are investing in the bullion market for its safe-haven demand
due to global economic distress. The price of gold in the country opened at Rs.4,253 per
gram at he month of April and remained steady until the end of the first week of the
month at Rs.4,253per gram
 27

 India is the largest consumer of gold in the world and accounts for a quarter of the
world’s total consumption of gold. India uses gold primarily in the form of jewellery and
secondarily for investments. Gold rates in India change on a daily basis depending on
many factors. These include the demand and supply, global market conditions and
currency fluctuations in the country.

 Gold in India is a solid instrument for investments even before the pandemic arrived.
Traders in India invest in gold bullion as it is considered a safe option. Gold prices have
reached an all-time high in India due to the pandemic, but a large part of this has been
driven by depreciating rupee and increased import duty. It must be noted that gold prices
in India include 12.5% import duty and 3% GST. On the other hand, international gold
prices are much lower than the all-time high price.

 When the markets are shut and the world is facing an economic slowdown, the
Government of India will open subscriptions starting 20 April for the people to invest in
Sovereign Gold Bonds. The Reserve Bank of India will issue the SGBs on behalf of the
Government of India. The SGBs will be issued in six tranches from April to September.
This will allow the investors an alternative to investing in gold with a fixed interest of
2.5% per annum.

Coronavirus and Gold – Summary

Coronavirus’ impact on the markets is likely to be short-lived and the temporary impact on
the stock market is likely to be particularly negative, but the temporary impact on gold is
likely to be positive. Consequently, gold’s short-term gains might help to offset stock
market’s declines. The implications are unlikely to extent beyond the short-term, though.
Once the situation is contained and the fear fades away, the previous trends are likely to
return.
 28

SIGNIFICANCE OF GOLD IN INDIAN CULTURE

Gold has emotional value; it has a strong cultural and financial significance, which supports
demand across generations. Gold is fashioned into ornaments and jewelry and is also used as
an investment option in financial portfolios. gold is a vital part of Indians lifestyle. Over the
years Indian infatuation with gold has grown stronger and stronger, with Indians accounting
for most of the gold consumed globally. Gold in Indian history is more than an investment. It
is culturally significant metal which has found a place in India heart and homes alike.

There are few reasons which have propelled gold to a pedestal in India, a sport which it is
likely to hold on to for a long time.

 Religious connotations:

Gold is an integral part religious ceremony in India, regardless of religion. Be it Hinduism,

Sikhism, Jainism or Christianity, gold is a prominent asset across all major religion in the
country. Rising gold rate do not deter devotees from donating extravagant gold ornaments to
temple funds, a prime example being the Tirumala Temple in Andhra Pradesh, which witness
donation to the tune of tons on a year basis, regardless of gold rated in Andhra Pradesh. It is
common for people to purchase gold at different religious gathering and for different
occasions.
 29

 Family heirloom:

Gold is a part of every Indian household and is consider a family heirloom by most Indians.
Gold jewelry and ornaments are passed on from generation to generation in a bid to keep
family legacy alive. It is common for most household to pass on jewelry from a mother to a
bride in weddings, irrespective of fact like change in design, trends or value. Gold is an
extremely sentimental part of certain tradition and continuous to remain a cherished
heirloom. Passing gold from one generation to another also helps to people save money on
gold, avoiding ever rising gold price in India.

 Golden gifts, ceremonies and weddings:

Gifting gold is considered auspicious in India, with gold gifts forming an integral part of all
ceremonies. Gifting gold enables recipients to use it fruitfully, as it is not only a key source of
money but it is also considered lucky. It is common to gift gold during wedding, which can
see brides brining in huge quantities of gold to their new homes which is considered
auspicious. A gift of gold may be the highest form gifting in the country, showcasing the
value of an individual and purity of intent. Gifts of gold are common for birthdays and child
births even in smaller towns

 Status symbol:
There is no bigger status symbol than gold in India, an Indians are not shy to flaunt it.
In social setting billions of people gold is one element which can help people stand out,
literally shine in the crowd. Politicians, businessmen, actors, officials all love to show
their gold to the world, giving them new highs. Gold has been a status symbol n India
since ages, right from the time of kings and queens to the British and independent India
has imbibed this into its blood. The more gold one has the more power he/she has an
indication of their ability to purchase gold in spite of rising gold rates.

 Investment:
Gold has been considering the safest investment, a sentiment which Indians life by. It is
this property of gold as a protector against bad time which have pushed Indians to buy it
 30

as investments. Owning gold is considered as an extremely smart choice, and is reflected

in the amount of gold Indians own. With gold price fluctuating every day, it makes sense
to invent in gold for a secure future.

STRATEGY OF INVESTMENT IN GOLD

Gold is protection. It’s insurance against inflation, currency debasement, and global
uncertainty. It’s also a great way to diversify a portfolio and it’s the ultimate in liquidity.
Gold will preserve the purchasing power of your wealth through time.

 Diversify
Gold will provide your portfolio as a counterbalance to a faltering stock market. It also
gives you insurance when inflation erodes the value of your investments, including
currency and real estate. In fact, studies have shown that even 5% investment of an equity
portfolio in gold has resulted in lower risk and higher return on investments. “That’s
right: Lower risk. In general diversification will help protect you from losing too many of
your assets in the next market tumble (and another is coming bet on that). The sharp
decline of stocks in the last meltdown was proof enough that putting all of your eggs in
one basket is a risky strategy.

 Spread the Risk and Lesson the Downside: -

When you buy gold, the first rule of thumb is dollar cost averaging putting a fixed amount
of money towards gold every month. This is the most effective method of investing in
gold. This helps not only lessen any downside but it also helps make the most of gold’s
protection against inflation and financial uncertainty. Even though gold has had some
drops in price over the last number of years, historically, gold goes up over time. It so
 31

happens that gold prices at present are low. According to the World Gold Council, they’re
nearly at production threshold levels. This means that the spot price is about at what it
takes to dig and process gold out of the ground. When this happens production throughout
the industry can slowdown, supplies dwindle, and the price begins to go up again with
demand. But even if prices weren’t low, gold is still a good investment. Gold is real
money. Gold is a store of value and helps to offset the drops in currency, climbs of
inflation, market tumbles, etc.

 Allocation: -
Most money managers advocate anywhere from 3%–10% in gold. More bullish
managers recommend an allocation as high as 20%. Renowned economist and author
Jim Rickards is even more liberal, he recommends having 10% of your assets in
precious metals and as much as 30% in a crisis.

 A Gold IRA: -
Put simply, a Self-directed gold IRA is both an effective and flexible retirement
account that allows you to spread your assets and maximize your returns by adding
gold and other precious metals to your retirement portfolio. A gold IRA gives you
more flexibility and control than your traditional retirement account meaning you can
spread your assets that much further. By spreading your assets, you are reducing the
risks of losing a large chunk of your asset value in one go. If you wish to transfer
from your traditional IRA or rollover a 401(k), there are rules and regulations
involved in doing so. These rules must be followed to the letter and all regulations
complied with for the application to be accepted. At RC Bullion our investment
specialists are expert in navigating investors through the process quickly and
painlessly.
 32

DATA ANALYSIS AND INTERPRETATION

Data interpretation refers to the implementation of processes through which data is reviewed
for the purpose of arriving at an informed conclusion. The interpretation of data assigns
meaning to the information analyzed and determines its signification and implications.

The importance of data interpretation is evident and this is why it needs to be done properly.

Data is very likely to arrive from multiple sources and has a tendency to enter the analysis
process with haphazard ordering. Data analysis tends to be extremely subjective. That is
today, the nature and goal of interpretation will vary from business to business, likely
correlating to the type of data being analyzed. While there are several different types of
processes that are implemented based on individual data nature, the two broadest and most
common categories are ―quantitative analysis‖ and ―qualitative analysis‖.

Yet, before any serious data interpretation inquiry can begin, it should be understood that
visual presentations of data findings are irrelevant unless a sound decision is made regarding
scales of measurement. Before any serious data analysis can begin, the scale of measurement
must be decided for the data as this will have a long-term impact on data interpretation ROI.

After the data collection it was compiled, classified and tabulated manually and with help of
computer. Then the task of drawing inferences was accomplished with the help of percentage
graphic method.
 33

1. GENDER

CHOICES COUNT PERCENTAGE

MALE 58 58%

FEMALE 42 42%

OTHERS 0 0
 34

TOTAL 100 100

INTERPRETATION
From the above data we can analyze that out of 100 respondents’ number of male
respondents are 58 and female respondents are 42 and others is 0.
 35

2. AGE GROUP?

CHOICES COUNT PERCENTAGE

BELOW 20 YEARS 24 24%
20-30 67 67%
30-40 5 5%
40-50 4 4%
MORE THAM 50 0 0
TOTAL 100 100

INTERPRETATION
From the above we can analyze that out of 100 respondents 24% are below 20 years.
67% are between 20-30 years. 5% are between 30-40 years. 4% are between 40-50
years. And 0 respondents are more than 50 years.
 36

3. Qualification

CHOICES COUNT PERCENTAGE

GRADUATE 44 44%
POST GRADUATE 3 3%
UNDER GRADUATE 42 42%
OTHERS 11 11%
TOTAL 100 100

INTERPRETATION
From the above data we can analyze that out 100 %, 44% are graduates. 3% are post
graduate. 42% are under graduates and 11% of the respondents are qualified in
different streams.
 37

4. OCCUPATION

CHOICES COUNT PERCENTAGE

SALARIED 24 24%

STUDENT 66 66%

BUSINESS 6 6%

HOUSEWIFES 4 4%

RETIRED 0 0

TOTAL 100 100

INTERPRETATION
From the above data we can analyze that out of 100 respondents 24% are working
class. 66% are students. 6% are doing business. 4% are housewife’s and there is no
one who is retired.
 38

5. ANNUAL INCOME

CHOICES COUNT PERCENTAGE

UPTO 2,50,000 67 67%

2,50,000-3,50,000 24 24%

3,50,000-4,50,000 04 4%

4,50,000-5,00,000 0 0

MORE THAN 5,00,000 5 5%

TOTAL 100 100

INTERPREATAION
From the above data we can analyze that 67% have income up to 2,50,000. 24% have
income between 2.50,000-3,50,000. 4% have income between 3,50,000-4,50,000. 0
respondents have income between 4,50,000-5,00,000 and 5% of the respondent’s
income is more than 5,00,000.
 39

6. DO YOU HAVE KNOWLEDGE ABOUT GOLD

INVESTMENT?

CHOICES COUNT PERCENTAGE

YES 89 89%
NO 11 11%
TOTAL 100 100

INTERPRETATION
From the above data we can analyze that out of 100 respondents 89% have knowledge
about e-banking and 11% don’t have knowledge about e-banking.
 40

7. DO YOU OR YOUR FAMILY MEMBERS INVEST IN

GOLD?

CHOICES COUNT PERCENTAGE

YES 88 88%
NO 12 12%
TOTAL 100 100

INTERPRETATION
From the above data we can analyze that 88% of the respondents said yes to above
question and 12% said no to above question.
 41

8. IF YES, WHAT IS THE MOST PREFERRED FORM OF

INVESTING IN GOLD?

CHOICES COUNT PERCENTAGE

EXCHANGE TRADED 17 17%
FUND(ETF)
GOLD MUTUAL FUND 27 27%
E-GOLD 9 9%
COINS AND BARS 47 47%
TOTAL 100 100

INTERPRETATION
From the above data we can analyze that 17% prefer investing in ETF. 27% prefer to
invest in gold mutual fund. 9% feel to invest in e-gold. 47% prefer investing in coins
and bars.
 42

9. DO YOU THINK INVESTING IN GOLD IS THE SAFEST

OPTION?

CHOICES COUNT PERCENTAGE

YES 92 92%

NO 8 8%

TOTAL 100 100

INTERPRETATION
From the above data we can analyze that 92% think investing in gold is the safest
option and 8% think investing in gold is not the safest option.
 43

10.IF YES WHICH IS THE SAFEST FORM FOR GOLD

INVESTMENT?

CHOICES COUNT PERCENTAGE

EXCHANGE TRADED 16 16%

FUND(ETF)

GOLD MUTUAL FUND 30 30%

E- GOLD 8 8%

COINS AND BARS 46 46%

TOTAL 100 100

INTERPRETATION
From the above data we can analyze that according to the respondents 16% feel ETF
as the safest form of gold investment. 30% feel gold mutual fund as safest form. 8%
 44

prefer e-gold as safest form of investment. 46% feel coins and bars as safest form of
investment.
 45

11.DO YOU THINK GOLD INVESTMENT HAS INCREASED

THE ECONOMIC GROWTH?

CHOICES COUNT PERCENTAGE

YES 71 71%
NO 29 29%

TOTAL 100 100

INTERPRETATION
From the above data we can analyze that 71% think gold investment has increase the
economic growth. 29% think that gold investment has not increase the economic
growth.
 46

12.FOR HOW MUCH PERIOD OF TIME WILL YOU PREFER

GOLD AS AN INVESTMENT?

CHOICES COUNT PERCENTAGE

SHORT TERM 20 20%

LONG TERM 43 43%
MEDIUM TERM 37 37%
TOTAL 100 100

INTERPRETATION
From the above data we can analyze that 20% prefer gold for short term. 43% prefer
gold for long term. 37% prefer gold for medium term.
 47

13.WHICH IS THE MOST PREFERRED INVESTMENT

OPTION AMONG THE 4 METALS? (RATE THE METALS)

RATING GOLD SILVER PLATINUM DIAMOND

RATING 1 25% 10% 37% 21%

RATING 2 3% 45% 23% 32%

RATING 3 3% 23% 29% 30%

RATING 4 35% 16% 6% 10%

RATING 5 34% 6% 5% 7%

TOTAL 100 100 100 100

INTERPRETATION
From the above data we can analyze that in Rating 1- gold has got 25%, silver 10%,
platinum 37%, diamond 21%. In Rating 2 gold has got 3%, silver 45%, platinum
23%, f diamond 32%. In Rating 3 gold has got 3% silver 23%, platinum 29%,
diamond 30%. In Rating 4 gold got 35% silver 16%, platinum 6%, diamond 10%. In
Rating 5 gold got 34%, silver 6%, platinum 5% and diamond 7%.
 48

14.WILL YOU RECOMMEND PEOPLE TO INVEST IN GOLD?

CHOICES COUNT PERCENTAGE

YES 77 77%

NO 2 2%

MAYBE 21 21%

TOTAL 100 100

INTERPRETATION
From the above data we can analyze that 77% will recommend others to use gold as
an investment. 2% say that they will not recommend others to invest in gold. 21%
may or may not recommend others to invest in gold.
 49

FINDINGS & SUGGESTIONS OF THE STUDY

 The above graphic depicts that out of 100% gender, the no of male is 58% and female
is 42%
 The above graphical also states respondents’ gender, occupation, annual income and
education qualifications.
 The above pie chart shows us that the 67% are the highest number of respondents
whose age group lie between 20-30 as compared to other age groups.
 The above pie chart also tells us that 44% of the respondents are graduate which is the
highest and respondent’s annual income is only up to 2,50,0000.
 Through the above pie chart, we also come to know that us that that a very high
proportion of respondents are aware of gold investment.
 Out of the 47% of the respondents preferred Coins and Bars. Out of them majority
27% of the respondents preferred Gold Mutual Fund as an investment in Gold.
 From the above pie chart, we also came to know majority 46% respondents think that
the Coins and Bars are the safest form of gold investment. And 30% of the
respondents think that Gold Mutual Fund is the safest form of gold investment. 16%
respondents think that ETF is the safest form of investment. And rest of the 8%
respondents think that E-Gold is the safest option for investing in Gold.
 43% of the responses feel that the gold investment is suitable for long term
investment. And 20% responses feel that the gold investment is suitable for short term
investment. 37% of the respondents feel that the gold investment is more suitable for
medium term investment.
 From the above pie chart of table, no 13 in that we can see that Gold has the highest
ratings. Respondents feel that Gold is the most preferred metal for investors for
investment. Gold has got 69% of the ratings as compared to ratings of the other
metals. And Silver has got 22% ratings of the respondents feel that the Silver is the
second option for investment after Gold. And platinum has got 11% of the ratings and
Diamond has got 17% of the ratings.
 Looking at the pie chart of no, 14 we can see that majority of the respondents that
means 77% of the respondents will surely recommend others to investing in gold,
while 21% of the respondents are not confirmed that may recommend others or not
 50

2% of the respondents may not recommend others because they do not think that the
Gold investment is the good investment option in the market.

 It is suggested for investors to purchase gold jewelry with the known jewelry makers or
the standard retail outlets where making charges are comparatively lower.
 Purchasing gold bullion or gold coins attracts service tax and at the time of selling will
not get good returns. It is suggested for investors not to purchase gold coins or gold
bullions for shorter period. Holding gold coins or gold bullions foe longer period is
suggestible.
 It is suggestible for investors to invest in gold ETF where possibilities of losses or
limited. EFT are available at easy and it does not need high knowledge, as it is very easy
trading mechanism.
 It is suggestible for small investors should not enter Futures and Options without proper
knowledge on trading and risk management strategies. Although Futures and Options
provide high exposure for traders it involves high degree of risk.
 A reasonable allocation in a conservative, diversified portfolio should be 0 to 3% during a
gold bear market and 5 to 10% during a bull market.
 In my view most attractive investment in gold is through bars and coins. Bars and coins is
easy way of purchasing gold and it has high liquidity option and it helps during the crises
phase.
 For being on the safer side an investor should always enter into market with hedging or
arbitraging option because that will assure the investors with a reasonable profit which
turn involves low risk.
 51

CONCLUSION

Gold is a good investment. It’s a sound investment. More importantly, gold-as an investment-
offers you tangible wealth that you can hold in hand and that has intrinsic value based on

It’s weight, and practical usage. Inflation erodes the value of the Dollar year after years,
whilst gold remains one of the single best investment options, year after year.

REGAL ASSET have remained a leading name in investment options due to their sheer
quality and range of their gold, silver and platinum which is sought after by US investors in
particular. Use them as a model for what to look for in any gold investment dealer and you
cannot go wrong.

Investment in gold, be it as coins, gold bullion bars or as limited edition proof coins, has
historically been proven to work as a solid and stable financial strategy that can proof your
wealth against any financial storm. Today there are a staggering array of investment options
for anyone looking to increase his or her wealth substantially, and most, if not all, come with
a varying element of risk. Gold is the least risky option over time, and while gold price can
dip, this is always a short-term ‘‘Blip’’ if you will, with gold always rebounding strongly to
reach even greater highs. Gold has always increased consistently in value, and remains strong
when confidence in paper currency falters.

The beauty of investing in gold, is that it is imminently attractive attracttive to buyers, and is
as good, if not better, as cash, but unlike cash, gold has never been undermined by inflation.
Paper money has no value other than that decided by various financial mechanism: gold holds
value not just as currency but with a wealth of practical application: gold holds value not just
as currency but with a wealth of practical application too numerous to detail. Suffice to say,
gold is not just a pretty hunk of metal but a valuable component of industry, from scientific,
to medical, and beyond.

By choosing to invest in gold, you are choosing to allow your assets to keep pace with future
development, rather than allowing their value to hinge on the past. Your wealth will grow
built on developing and innovation, rather than conservation. By taking steps to keep your
financial portfolio as a current concern, you take steps to secure your future in a very relevant
way.
 52

From the above data it can be recommended that gold price are rising consistently, so it is
recommended that investment made in gold is completely beneficial and safe.

In the current market scenario of high volatile, rapidly changing market place, various
avenues for investment in gold are creating the confusion among investors. As per various
studies 16,000 tons of gold is there in India household predominantly in the form of jewelry.
There are various alternatives available for investment in gold through option like jewelry,
coins, bullions, ETF, mutual funds, E-gold etc. The present study ‘A study on various forms
of gold investment’ tries to study forms of gold investment available to investors. The
objective of the study is to understand the various investment option for investors, factors
needs to be aware of and know-how of investing in gold, pros and cons of various form of
investment and to assist investors in creating awareness about various gold investment
options. For the purpose of study the primary data and secondary data has been collected.
Primary data consist of questionnaire and secondary data through website, research papers
and magazines. Based on the research it is found that many investors still prefer jewelry, gold
coins and gold bullion bars forms of investment and prefer to invest in ETF and Futures and
options which gives more profit and easy from of investment.

The problems facing the world today are not going to disappear overnight. In this uncertain
era of globalization and increasing in coronavirus pandemicit is imperative that we all be
proactive to protect our wealth and health and secure a future for our families. For those who
have experienced severe losses in their investments it is even more critical to take action now.
It is never too late.

No investment is a sure thing, and no single investment strategy is right for everyone.
However, experts agree it is wise to include gold investments in every portfolio as a hedge
against inflation and declining value in mainstream investments.
 53

Bibliography

www.sbcgold.com

www.alternativeinvestmentcoach.com

www.telegraph.co.uk

www.smh.com.au

www.moneycontol.com

www.gold-traders.com

www.macrotremds.net

http://gold.approximity.com/gold_FAQ.html

http://profit.ndtv./news/your-money/article-investing-in-gold-7-facts-you-should-know-
317318.percent

About Gold-ETF’’,nsegold.com

Gold: A commodity like no other’’, World Gold Council.Gold.org

Tiddie.com, An Introduction To Gold As An Investment, 26th May 2013