Prospering or Peril? Your Ultimate Guide to Buying Gold on Akshaya Tritiya

• 18 May
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India celebrates auspicious days like Akshaya Tritiya by buying gold, symbolizing prosperity, fortune, and endless success. As the day approaches, the age-old debate resurfaces: Is it good or bad to buy gold on Akshaya Tritiya?

Precious metals like gold and silvers are always considered the safe-haven in the investment world. As the top rated trusted place to sell gold jewellerywe understand that investing in gold requires careful consideration. This ultimate Akshaya Tritiya 2024 gold buying guide will take you through the steps, providing you with the right reasons to invest in gold.

Why Akshaya Tritiya?

Akshaya Tritiya, also known as Akti or Akha Teej in different cultures across India, is the golden day of prosperity. It is celebrated on the third lunar day of the Hindu month of Vaishakha.

Gold is culturally and religiously significant in Hindu mythology. People often buy new things, believing this brings everlasting fortune, success, and prosperity. This day has seen a surge in gold purchases, and people buy gold mainly. While this day holds auspicious timings, there are other reasons to buy gold.

Prospering Through Gold Investments

Historical & Cultural Significance

Gold symbolises wealth, luck and prosperity in India. Many people believe investing in gold on Akshaya Tritiya is auspicious. On this day, there is a long history and cultural belief in buying gold bars, jewellery, coins and other ornaments.

Historical Performance

Due to a surge in demand, the market has often seen upward trends during Akshaya Tritiya. Individuals and investors often hop on this trend, hoping to earn benefits and price appreciation.

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Hedge Against Inflation

As a safe-haven investment, gold is often considered a hedge against economic uncertainty and inflation. Investing in Akshaya Tritiya safeguards against the market's financial instability.

Perils of Gold Investment

Overpriced Purchase

Over the years, markets have often seen a surge in gold demand during Akshaya Tritiya. Retailers capitalise on this day due to inflated prices. Hence, investors must carefully consider investing in gold as it might lead to overpaying.

Portfolio Diversification

During this auspicious day, the market sees a surge in demand for other products. While adding gold can be valuable, it should not overshadow other investments in the portfolio. Hence, relying just on gold investments may lead to unwanted risk.

Market Volatility

Market dynamics are always unpredictable. While many analysts and investors see a high demand for gold during Akshaya Tritiya, price fluctuations are always available. This can impact the profitability of investment.

Also Read:- Understanding the Key Differences Between Gold Types

Is it good or bad to buy gold on Akshaya Tritiya?

We are well aware that the year 2023 was strong for metals like gold and silver. Gold valuation experts in Delhi have seen over 15% increases in gold prices in domestic markets. This happened due to various reasons, such as shifts in US yields, central bank policies, geopolitical uncertainties, and more.

Many analysts and experts suggest buying gold, especially during auspicious occasions. The potential growth of gold in 2024 is all set to rise. However, experts advise investors to be cautious during this time of the year.

Well-known VP Research Analyst Jateen Trivedi has suggested purchasing gold in small denominations during Akshaya Tritiya. This has been suggested as the current prices of gold may be slightly expensive. He even believes purchasing gold timely and strategically will diversify investments, helping mitigate risk and maximise profits.

Similarly, Hareesh V, Head of Commodities, Geojit Financial Services, also suggested buying gold in small quantities during Akshaya Tritiya.

Also Read:- Understanding the World of Gold Investments: The Allure of 1-Gram Gold Bars

2024 Expected Outcome

At present, the market is blooming. However, experts like Umesh Mohanan, Hareesh V, and Jateen Trivedi have different theories about the market. According to Umesh Mohanan, there may be a decline in volume but not in value terms, as there is a surge in gold due to the festive season.

Mr. Trivedi believes that fluctuations happen due to increased demand around Akshaya Tritiya. As per Hareesh V, gold prices can rise strongly in the immediate run. However, given demand and the weak Indian rupee, gold prices might retain their bullish outlook in the long run.

Ultimate Guide to Gold Buying

Offering you a reliable gold buying service, 24Karat has laid down a few simple steps you should follow before investing in gold.

Research

The first and foremost step is to research the market. Before purchasing gold, it is better to know the prevailing gold prices, economic indicators, and ongoing trends. It is always better to develop a strategy that matches your goals.

Quality Assurance

Buying authentic and quality gold should always be your priority. Look out is there any gold chain ornament buyer near me, where you will find purity.

Cost-Benefit Analysis

Analyse the potential risks and returns of purchasing gold during the festive season. Understand and carefully consider storage fees, market prices, and other factors to make a wise and informed decision.

Long-Term Perspective

You should not just invest because it is auspicious to buy gold during Akshaya Tritiya. Focus on investing in gold while adopting a long-term perspective for better returns.

Conclusion

The market for such auspicious festivals like Akshaya Tritiya is delicate. Hence, investing in the market requires careful consideration and a balance between traditions and practicality. Following the guidelines outlined in this article will help you understand the complexity before you make a decision.

So, connect with 24Karat, your best place to sell gold coins in Delhi NCR, for a better understanding!

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