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Why people buy gold on Akshaya Tritiya and why many people start new ventures on this day? Everybody knows it's an auspicious day but why? Let's Explore.
Akshaya Tritiya, also called Atchaya Thiruti, has become synonymous with buying gold.
It is celebrated on the third day of the Shukla paksha of the Indian month of Vaisakh.
Considered one of the happiest and auspicious days in Hindu households, you must be either celebrating it with enthusiasm or would have got to know about it through jewellery advertisements shown in the media around this festival.
It is believed that this day is earmarked for a new start — whether it's a new event, construction, or business.
What begins on that day will continue to grow and there will be fewer hurdles to progress.
Significance of Akshaya Tritiya:
On this auspicious day,
- Lord Parasurama (the sixth incarnation of Lord Vishnu) took birth.
- Lord Ganesha and Ved Vyas started writing "Mahabharata".
- Lord Krishna gave the Pandavas a bowl called 'Akshaya Tritiya', which was never emptied and provided unlimited food on request during the exile.
- The Ganges river descended from heaven and goddess Annapurna was born.
- Lord Kubera and Goddess Lakshmi, who prayed to Lord Shiva, received his wealth and custodian position of wealth.
- For Jains, Tirthankara Rishabha’s one-year fast by drinking sugarcane juice came to an end.
Since the word "Akshaya" means "never die", people believe that buying gold on Akshaya Tritya festival is lucky and guarantees unlimited wealth.
You must have seen people line up in long queues outside jewelry shops to buy gold, silver, and precious jewels on this day.
The total gold volume sales touch the year’s peak all over the country.
How is Gold as an investment?
From a financial perspective, Gold is considered a symbol of safety, risk diversification, and smart investment.
Since the festival is held once a year, Akshaya Tritiya is a good time to invest in gold.
This makes sense in India at the moment because all gold is imported, and the continued depreciation of the rupee against the US dollar is the main driving force behind the price of gold today.
The returns are usually about 5% per year, and in some years they can be higher or lower.
Gold is a must-have in every investment portfolio in India. There's no right time to invest in it.
You can go for it at any time of the year. It helps in neutralising the effects of inflation and other high-risk investment instruments such as mutual funds and stocks.
It performs well even in volatile markets and has the potential to improve risk factors. While other assets go down, gold is the only asset that grows.
Now, if you’re wondering how to buy gold, especially in these times of the pandemic when it's unsafe to step out and visit crowded places, we have the best advice for you. Gold is gold, agreed?
Auspicious time to buy gold on Akshaya Tritiya 2023
The Auspicious time to buy gold during Akshaya Tritiya will be during 6:12 am and 1:13 pm.
This time period is also known as Shubh Muhurat.
Gold prices have seen an increase of 10% in the last two months, hitting ₹60,880 on 13th April.
Compared to last Akshaya Tritiya, gold prices have seen a 20% increase. The price on May 3rd 2022 (Akshaya Tritiya 2022) was ₹50,936 per 10 grams.
Over the past few years, during Akshaya Tritiya, there has also been a surge in digital gold purchase as well.
This is not surprising given the ease of purchasing digital gold. It also provides you with all the investment benefits of gold while avoiding the hassle of storing physical gold.
Unlike the past, when you could only buy gold in physical form (jewellery, coins, or gold bars), you now have the option to buy Digital Gold.
In fact, digital gold should be your first choice on this occasion rather than physical gold. Why? Find out here.
What is Digital Gold?
Digital gold is simply an alternative to physical gold. It is free from exchange rate manipulations and variations and allows the investor to easily trade throughout the world without actually touching physical gold.
In India, you can buy digital gold through multiple apps and websites; however, only 3 gold companies keep your gold, namely Augmont Gold Ltd, Digital Gold India Pvt. Ltd. - SafeGold, and MMTC-PAMP India Pvt. Ltd.
It is a safe, convenient, and cost-effective way of purchasing and investing in gold online that does not even require any additional storage and transportation costs.
Every gram of gold accumulated in your account is backed by real physical gold with your name in a safe vault by the seller.
This means that you are at no risk at any time. Your gold is safe even if the app you invested from, disappears! You can even exit anytime you want. Isn't that a relief?
Although Akshaya Tritiya is an auspicious occasion to buy gold, there is no right timing to buy this metal.
Gold is a good investment for the long term any time of the year. So go ahead and start investing in Digital Gold now itself from Jar App.