The full form of SIP is Systematic Investment Plan. In this scheme, you can buy precious metals (gold, silver, platinum, and palladium) for a fixed amount at a fixed interval (weekly or monthly). It enables you to accumulate gold, silver, platinum, and palladium in smaller quantities through periodicity. Thus, the periodic installment is used on your selected date to buy precious metals at a closing price of 10 a.m. on the same day.