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org © 2023 IJCRT | Volume 11, Issue 9 September 2023 | ISSN: 2320-2882

INVESTORS PERCEPTION TOWARDS GOLD

AS AN INVESTMENT.
1
Prof. Ashalatha G.M, 2Mr. Darshan M, 3Ms. Latha J.S, 4Mr. Prajwal V, 5Ms. T.K Sridevi Rao
1
Professor, 2Student, 3 Student, 4Student, 5Student
1
Department of Commerce and Management,
1
Mangalore Institute of Management and Science, Ullala, Bengaluru, India.

Abstract: Since ancient times, gold has been valued as a significant investment item and has been essential
to financial markets and portfolios. This research investigates how investors view gold as an investment,
focusing on the variables that affect their choices to incorporate gold into their investment plans. Utilising
both quantitative and qualitative methodologies, the study uses a mixed-methods research design to collect its
data. A thorough analysis of the literature is done to determine the historical importance of gold as a store of
value and its function in diversifying investment portfolios. Additionally, the main ideas and empirical
research on investor behaviour and the reasons people invest in gold are highlighted in this overview. A survey
of a variety of investors, including individual investors, institutional investors, and financial specialists, is part
of the research's quantitative phase. The poll tries to pinpoint the variables, such as risk tolerance, market
sentiment, inflation expectations, geopolitical events, and global economic conditions, which affect investors'
perceptions of gold. It also looks into the most popular gold exposure investments, including physical gold,
gold-backed securities, gold exchange-traded funds (ETFs), and mining stocks.

Index Terms - Awareness, Perception, Gold investment, Portfolio diversification.

I. INTRODUCTION
Indian society is built on the foundation of wealth and savings, which is gold. A longer-term increase in the
demand for gold jewellery and investments is anticipated as consumers have adjusted their price expectations
upward. This trend is expected to continue as local investors buy gold for wealth accumulation purposes.
Due to its emotional appeal as well as its significant cultural and economic worth, gold is in high demand
among all age groups. However, it is now evident that more and more Indians are realising that gold needs a
position in their investment portfolio in addition to the bank safe or the cabinet at home. Up until recently, the
foundation of international monetary systems was made up of gold reserves.

History of Gold.
Gold has held immense cultural and economic significance in India throughout history. It has been revered as
a symbol of wealth, prosperity, and religious importance. Ancient civilizations like the Indus Valley traded in
gold, and scriptures and epics mention its sacredness. Various dynasties issued gold coins, showcasing their
power. During the medieval and colonial periods, gold jewellery and coins were used for trade and adornment.
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After independence, gold remained integral to Indian culture, particularly in weddings and festivals. India is
one of the largest consumers of gold globally, with policies in place to regulate its import and sale. Gold
continues to be cherished and valued as a precious metal in India.

VARIOUS AVENUES OF GOLD INVESTMENT AND RETURNS ON GOLD INVESTMENT

Gold in the form of jewellery is not only used as wearable but also works as a tool to tide over financial
emergencies. So, buying gold has traditionally been a financial support system over the years. There are two
ways of owning gold - a) paper and b) physical. You can buy it physically in the form of jewellery, coins, and
gold bars. In the paper form, one can buy it as gold exchange-traded funds (ETFs) and sovereign gold bonds
(SGBs). Then there are gold mutual funds which further invest in gold ETFs. Some gold mutual funds invest
in the shares of international gold mining companies.
For buying physical gold, one may reach out to the neighborhood jewellers. However, after covid-19, many
reputed jewellers have allowed customers to buy gold jewellery online via their websites. Even payment apps
such as Paytm, PhonePe, Google Pay etc., have tied up with gold jewellers to sell gold coins.
Indians certainly cherish possessing gold. But owning it in the form of jewellery has its own concerns about
safety, high costs, and outdated designs. Then there are the 'making charges', which could prove to be a costly
affair. The making charges on gold jewellery depends on the type of design and whether the ornament is
handmade or machine-made. If the design on gold jewellery is intricate, then there will be high making changes
There is no denying the fixation us Indians have with gold. But the good news is that this is probably one
fixation that doesn’t need fixing! Gold returns can instead be used to benefit our investment portfolio, as it
provides balance to an equity-and-debt portfolio. However, before adding gold to a portfolio, it is important to
understand how gold returns have been in the past and the characteristics of gold returns. Not just that, given
that there are many ways to invest in gold, using the right mode is essential to get the most out of gold returns.
Gold prices move in response to changes in demand and supply. Retail gold jewellery buyers, investors in bars
and coins, ETFs demand, central bank buying, those who hold gold and miners mining fresh gold are some of
the key players in the gold demand and supply ecosystem. All of these players behave in different and even
opposing ways, thereby impacting the demand-supply balance.
On the demand side, the following factors are key influencers: Customers looking to buy ornaments would
put off purchases in a high gold price environment but line up to do so when gold prices drop. Investors in
coins, bars and ETFs may step up purchases when gold starts moving up or when gold returns begin improving.
As a consequence of higher investor demand, gold ETFs too tend to step up purchases. Central Banks around
the world hold gold as reserves. According to the World Gold Council, Central Banks accumulated 463 tons
of gold in 2021, 82% higher than the 2020 total, lifting global reserves to a near 30-year high. Gold also has
several uses in industrial and medical devices, but is a smaller demand factor and thus does not affect gold
returns much.

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On the supply side, the factors below are major influencers: Owners holding gold and looking to sell
(recycle old gold) who may want to make the most of a high gold price environment Gold miners too will look
to tune supply based on gold returns, prices, and demand. It is worth noting that new gold will likely get
progressively harder, more expensive and hazardous to mine, possibly placing restrictions on supply over the
very long term. But quite apart from demand and supply, the primary driver of gold prices and thus returns are
the state of global equity markets. Geopolitical and other macro concerns can nudge investors into a risk-off
mode, which pushes them into the safety of gold. Throwback to 2020, when the pandemic first raised its head
and sent stock markets all over the world into a tizzy - at this time, gold returns moved in the opposite direction
hitting a high in August 2020.

TRADITIONAL VS MODERN GOLD INVESTMENT.

Traditional gold investment refers to the age-old practice of physically owning gold in the form of jewellery,
coins, or bullion. This form of investment involves purchasing gold from trusted sources and storing it securely.
Traditional gold investment is often seen as a safe haven during uncertain economic times, as gold has
historically retained its value and is considered a store of wealth. However, it does require physical storage,
which can be a concern in terms of safety and liquidity. Additionally, traditional gold investment does not offer
any income or dividends.
On the other hand, modern gold investment refers to investing in gold through financial instruments such as
exchange-traded funds (ETFs), gold mutual funds, or gold mining stocks. These investment vehicles provide
exposure to the price of gold without the need for physical ownership. Modern gold investment offers
advantages such as ease of buying and selling, liquidity, and the potential for diversification. Investors can also
benefit from the convenience of trading gold electronically through brokerage accounts. Furthermore, some
modern gold investments offer the potential for income or dividends through mining stocks or interest earned
on gold-related instruments.

II. REVIEW OF LITERATURE

 Menon, A. (2020), the primary objective of the study is to identify investor preference for different
assets during normal market conditions and during or after black swan, events and to identify the
preference of investor amongst various gold instruments. The methodology used for research is
analytical which is based on primary as well as secondary data, the primary data was collected from
105 respondents residing in India. A structured questionnaire was prepared by Google forms and
circulated. Secondary research is carried out based on secondary sources of data collected from reliable
sources such as the world Global Council reports and from the website of Bloomberg, economic times
and Live Mint. The ranking technique of Garrett has been utilised in this study. This study on review
of the existing literature on the subject suggested that investor preference for various asset classes
during normal market conditions and black swan event like covid-19. The finding shows that during
normal market conditions a majority of investors preferred to invest in high risk and high return

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instruments like stocks and mutual funds. While during black swan events majority of investors refer
to invest in low-risk instruments like Bank deposits and gold. This leads to conclusion that majority
of investors have a risk averse attitude during difficult market conditions.
 Santhi, M. (2013), to know the perception on investment towards gold as the investors invest the
avenue in Madurai city. The present study is based on both primary and secondary data. The primary
data was collected from respondents and the secondary data from published resources. Both the data
were analysed by employing the percentile analysis and mean scores of five-point scale. It is a well-
known fact that gold is an unproductive asset. There is no way to actually value gold other than to
compare it with other asset classes. The price of gold, in dollar terms has fallen 12-15 percent in last
6 months. This is the largest period of continuous decline in 16 years.
 Lahoti, J. H. (2017), the purpose of the study is. To study the factors influencing the choice of
investment in gold. To study about the various options available to investor while investing in gold.
To identify the reasons for not to invest in gold. To know about the risk options in physical gold and
other gold investment options. The methods used in this study are both descriptive and analytical in
nature. The data required for the preset study were collected both from the primary as well as from the
secondary source. The primary data had been collected from the respondents in the study area directly
by using a well-designed interview schedule. The secondary data are collected from magazine,
journals, articles, newspapers, booklets etc. The research gives better understanding of investor’s
attitude and awareness regarding gold investment decisions and shows where currently physical gold’s
position among the other gold investment instruments is Investor’s go through an information search
and market analysis before making the gold investment decision.
 Paranjpye, R., & Raghuvanshi, A. A. B. (2020), the goal is to study various modes of investment in
gold and evaluate the perception of consumers for investing in gold in India. In this research primary
and secondary data has been collected. For primary data questionnaire was prepared to know about
the age, gender, saving ratio, awareness about gold funds, and reason for investment. To analyse the
data various tools are used such as sums, percentage, charts for the quantitative data analysis. The
following research conclude that gold is a precious commodity, most popular as an investment and it
has sentimental values in India, various options in gold investment are physical gold, gold ETFs and
e-gold, and government also announced various schemes such as gold monetization scheme, gold
sovereign bonds etc.
 Nagaramyakiran, D. C. (2022), the objective of this study is to know the socio-economic profile of
other respondents and to analyse perception towards gold jewellery in Hyderabad. This study is both
descriptive and analytical in nature which covers both primary and secondary data. Primary data is
structured through questionnaire and secondary through magazines, journals etc. The suggestion
regarding to this this research would be that, The Retailers must create awareness regarding the gold
jewellery and try to attract the customers.

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 Xavier, A. J., & Kamalam, G. (2016), the aim of research is to identify the factors influencing
consumer’s perception towards gold jewellery. The study is both descriptive and analytical in nature.
It covers both primary and secondary data. The research analysed through chi square test, Garrett
ranking, percentage is used throughout the research. This research concludes that the behaviour on
gold jewellery purchase in Sivakasi played a significant role. Gold is leading on the list of investments
and value. Gold has resale value and this creates gold a great benefit and great asset value to the buyer.
So, this makes gold jewellery a gentle of art in India.
 Joseph, J. K. (2014), the goal of research is to analyse the consumer behaviour towards branded
Jewellers, small dealers, reputation, shop Ambiance and evaluate the influence of purity of gold, price
of gold, influence of advertisement in Kerala. The study was conducted through primary data. It was
collected from people living in the Northern, Central, Southern parts of the state, to analyse the data
various Statistical Techniques are used such as percentage, ranking, arithmetic mean, standard error
of mean etc., is used. This research analyses the difference between small and branded jewellers and
it suggest to small dealers to bring professionalism in their business and try to identify, offer those
facilities to attract customers through improve its premises, customer service, try to earn more
reputation among the customer by adopting appropriate strategies.
 Hundal, B. S., Grover, S., & Bhatia, J. K. (2013), the objective of the study the perception of retail
investors towards purchase of gold. The present study is mainly based on primary data collected from
around 183 respondents from Punjab Region. These respondents were interviewed through a pretested,
well-structured questionnaire which was administered personally. Convenient and judgmental
sampling method has been used keeping in view the socio-economic characteristic. The perception of
retail investors towards purchase of gold in the present scenario has been worked out with the help of
questionnaire in this study. The results of factor analysis revealed that variables like profitability, tax
aversion, future prospect, time value of money etc. motivates a retail investor to purchase gold as an
investment. The purpose for buying gold has clearly come out through the survey.

III. OBJECTIVES OF THE STUDY

• To know the level of awareness of gold investment among Investors.

• To know the consumer behaviour towards gold investment.
• To study the factor influencing the choice of investment in gold.

IV. SCOPE OF THE STUDY

The study on investors' perception towards gold as an investment aims to examine various aspects related to
how investors view gold as a financial asset. The scope of the study includes analysing investor demographics,
investment motives, risk perception, return expectations, market information sources, investment decision-
making processes, comparative analysis with other assets, and geographical considerations. By exploring these
factors, the research paper seeks to provide insights into investors' attitudes, behaviours and preferences
regarding gold as an investment option.

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V. RESEARCH METHODOLOGY

The research design employed in this study is descriptive, aimed at gathering comprehensive information about
a specific group or phenomenon to provide an accurate representation of its characteristics and behaviours.
Data collected from both primary and secondary data. Primary data was collected through questionnaire
method. Well-structured questioner was used to collect data from respondents. Secondary data is collected
from various articles, books, magazines, websites, and journal. A total number of 80 sample respondents has
been selected for the purpose of the present study from Bengaluru city. This research includes certain tools
such as percentage, graph and frequency to collect the individual's data.
VI. DATA ANALYSIS AND INTERPRETATION:
The data collected is represented in the form of table and pie chart. A brief description of analysis and
interpretation is given below.
Figure 1: Awareness and perception of gold investment on the basis of age.

AGE OF RESPONDENTS

9%4%
9%

78%

15-25 25-35 35-45 45-55

Interpretation:
The data was collected from various age groups. From the above table it is concluded that among all the
respondents the level of awareness about gold investment is 78.75% are 15-25 years of age group, 8.75% are
from age group of 25-35, 8.75% respondents belong to 35-45 age group and remaining 3.75% respondents
belong to age group of 45-55.

Figure 2: Awareness and perception of gold investment on the basis of gender.

GENDER

32%
Male
Female
68%

Interpretation:
As per the above figure, it can be observed that, among all the respondents the level of awareness about gold
investment is 63.7% respondents are female and 36.3% respondents are male.

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Figure 3: Awareness and perception towards gold investment on the basis of Education.

EDUCATION
1%4%
6%
19%
Upto SSLC
PUC
Undergraduate
Post graduate
Other diploma
70%

Interpretation:
From the above data we can find that. 4% respondents have completed SSLC, 6% respondents are qualified
up to PUC, 70% of the respondents have completed under graduation, around 19% respondents are qualified
as post graduates and remaining 1% respondent have specialisation in other diploma, are aware of various
gold investments.

Figure 4: Awareness and perception towards gold investment on the basis of occupation.

OCCUPATION

12% 13% Private employee

1%
6% Government employee
MNC employee
Student

68% Bussiness

Interpretation:
From the above chart, it is observed that among all the respondents level of awarness about gold investments
is 13% respondents are employeed in private organisation, 1% are government employee group, 6% work in
MNC companies, 68% respondents are students and remaining 12% respondents are involved in various
bussiness.

Figure 5: Level of knowledge about gold as an investment among respondents.

LEVEL OF KNOWLEDGE ON GOLD INVESTMENT

2%
12%
22%
Low
Moderate
High
No knowledge

64%

Interpretation:
Respondents were asked about their level of knowledge on gold investment to which, 22% had least
knowledge,64% were well aware of gold investments, 12% were fully aware of gold investments and 2% had
no idea about gold investment.
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Figure 6: Respondents opinion on their investment of gold or gold related assets.

INVESTED IN GOLD OR GOLD RELATED ASSET

36%
YES
NO
64%

Interpretation:
From the above data we could find that 36% of them have invested in gold or gold related assets 64% of them
have not invested in gold or gold related assets.

Figure 7: Factors considered by the respondents for choosing gold or gold related assets as investment
option.

FACTORS CONSIDERED TO INVEST IN GOLD

1.30%
Diversification of investment
portfolio
20%
Protection against inflation
27.50%

Hedge against economic

uncertainty
37.50%
Historical performance of gold
35%

10% Perception of gold as a safe

haven asset

Interpretation:
From the above it indicates that diversification of investment portfolio is considered in order to invest in gold
(i.e.,15%). Protection against inflation (i.e.,28%) can be considered as a factor for investing in gold and gold
related assets. Hedge against economic uncertainty (i.e,8%) is also one of the factors to be considered.
Historical performance of gold (i.e,27%) have influenced on individual to invest in gold. Perception of gold
as a safe haven asset (i.e,27.5%) is also one of the factors for investors.

Figure 8: Investors opinion on rate of risk associated with investing in gold compared to other
investment options

RATE OF RISK

9%

LOWER RISK
33% SIMILAR RISK
58%
HIGHER RISK

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Interpretation:
As per the figure it is observed that 58%of them consider that risk associated with investing in gold compared
to other investment options is less, 33% of them consider that the risk is similar and 9%of them consider that
risk associated with investing in gold compared to other investment option is more.

Figure 9: Respondents consideration on continuation of gold to be a valuable investment in the

future.

GOLD TO BE A VALUABLE ASSET IN THE FUTURE

2%
19%
Yes
No
11% Maybe
68% Not sure

Interpretation:
From above data which was collected from 80 members the responses were like this 68% of them believed
that the gold will continue to be a valuable investment in future, 11%of them did not believe, 19% of them
predicted that gold might continue to become valuable instrument in future and 2% of them were not sure
about this.

Figure 10: Respondents preference on various avenues of gold investment.

PREFERED AVENUE FOR GOLD INVESTMENT

1%
11% Physical gold

9% Gold exchange-traded funds

(ETFs)
Gold mining stocks or gold-focused
equities
19% 60% Gold derivatives, such as goldfutures
or options
None

Interpretation:
The above data was collected from 80 members and henceforth the responses were 60% of them preferred to
invest in physical gold, 19% of them preferred to invest in gold exchange- traded funds, 9℅ of them chose to
invest in gold mining stocks or gold focused equities. 11% preferred to invest in gold Derivatives and 1%of
them did not have any idea regarding this.

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VII. FINDINGS OF THE STUDY.

• The study found that the highest level of awareness about gold investment is among individuals aged
15-25, accounting for 78.75% of respondents. This suggests that younger individuals are more
informed about gold as an investment option compared to other age groups.
• The data indicates that 63.7% of the respondents who are aware of gold investments are female, while
36.3% are male. This suggests that a slightly higher proportion of females have knowledge about gold
investment.
• The study highlights that a significant portion (70%) of individuals with an undergraduate education
level are aware of various gold investment options. This suggests that education plays a role in creating
awareness about investment opportunities, including gold.
• Among the respondents, 68% of students, 13% of private organization employees, 6% of individuals
in MNC companies, and a smaller proportion from other occupational groups demonstrated awareness
of gold investments. This suggests that awareness might be higher among students and individuals in
the corporate sector.
• The survey showed that people knew different amounts about investing in gold: 22% didn't know
much, 64% knew well, 12% knew a lot, and 2% had no idea. A few (2%) needing basic money
education. We need simple info to help people decide about investing in gold.
• The study reveals that 36% of respondents have invested in gold or gold-related assets, while the
remaining 64% have not. This indicates that a considerable portion of the respondents have considered
gold as an investment option.
• When considering gold or gold-related assets, respondents indicated various factors that influence
their investment decisions. Diversification of the investment portfolio (15%), protection against
inflation (28%), historical performance (27%), and perception of gold as a safe haven asset (27.5%)
were identified as key motivating factors.
• The findings show that 58% of respondents believe that the risk associated with investing in gold is
less compared to other investment options. This suggests that a majority of participants perceive gold
as a relatively safe investment, especially in comparison to other assets.
• A significant portion (68%) of respondents believe that gold will continue to be a valuable investment
in the future. This indicates a positive perception of gold's long-term value and role in investment
portfolios.
• The study found that 60% of respondents prefer investing in physical gold, 19% in gold exchange-
traded funds (ETFs), and 9% in gold mining stocks or gold-focused equities. This suggests a
preference for tangible forms of gold investments.
These findings collectively provide insights into investors' awareness, perceptions, and preferences related to
gold as an investment in Bengaluru city. The data illustrates that various factor, such as age, gender, education,
occupation, and risk assessment, influence how investors perceive gold as part of their investment strategy.

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VIII. CONCLUSION:

In this research paper, we conducted an in-depth analysis of investors' perceptions towards gold as an
investment. The study involved gathering data through surveys and examining existing literature on the
subject. Throughout the research, it became evident that gold holds a unique place in the investment landscape,
attracting both individual and institutional investors. Its traditional role as a store of value and its tangible
nature have contributed to its enduring appeal across different cultures and regions.
One of the key findings was that during periods of economic uncertainty, gold tends to gain Favor as investors
seek safe-haven assets to protect their wealth. Additionally, perceptions of gold as a hedge against inflation
and currency devaluation were also prevalent among the participants. However, it's essential to acknowledge
that the perception of gold as an investment is not uniform across all investor groups. Some respondents
expressed reservations about gold's lack of income generation, while others highlighted the impact of
changing market dynamics and global geopolitical factors on their investment decisions.
In conclusion, the research provides valuable insights into the multifaceted nature of investors' perceptions
towards gold as an investment. The findings have implications for financial advisors, policymakers, and
investors seeking to understand the role of gold in their portfolios and navigate the complexities of the global
financial landscape effectively.

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Option. Indian Journal of Research, 6(3), 571-572.
 Paranjpye, R., & Raghuvanshi, A. A. B. (2020). Gold Investment-Perception & Preference of Consumers.
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 https://www.gold.org
 https://www.investopedia.com
 https://openai.com

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