UPI push sparks 377% rise in digital gold in 16 months
Investing in gold is undergoing a shift, with more consumers opting for digital gold even as prices of the yellow metal spiral.
The volume of digital gold purchases through UPI (unified payments interface) surged 377% in 16 months to 99.77 million transactions in August against 20.92 million transactions in April 2024, data from NPCI showed. The value of gold purchases more than doubled during this period to ₹1,184 crore last month from Rs 550 crore in April 2024.
The spurt, according to experts, is driven by expectations of further rise in gold prices as well as the convenience of buying it digitally.
