• Buying gold on Akshaya Tritiya 2018

    India is a land of multiple religions and traditions, where people from all faiths come together to celebrate events. All festivals and celebrations in the country are incomplete without a touch of opulence, be it in the form of music, food, dance or gold.

    Importance of Akshaya Tritiya in India

    Akshaya Tritiya is an extremely auspicious day in our country, with Hindus and Jains across different denominations celebrating it with fervour. Falling in the month of Vaisakha, it is considered to be one among the four most important days in the Hindu calendar. Akshaya Tritiya is believed to be an extremely good day to embark on new journeys, with any new venture undertaken on this day assured to grow and bring happiness and prosperity to people. With over 100 crore Hindus and Jains in the country, this festival is celebrated on a grand scale, highlighting the beginning of a new start.

    For millions of Indians, the day of the Akshaya Tritiya is of paramount importance. And, on this day, both consumers and retailers gear up for a productive day of trading. The Hindus and the Jains, in particular, celebrate the day with fervour and buy gold so as to bring prosperity to their lives. As per the Hindu calendar, Akshaya Tritiya comes during the Vaisakha maasa (month), and is considered to be one of the four most auspicious days.

    Our country as a whole has had a longstanding relationship with gold, one that stretches to a few millenniums - right from the time when the Ashokhas, the Mauryas, and the Guptas ruled the land. So, it’s no wonder that there’s a specific day in the Indian calendar to commemorate our affinity to gold while strengthening the belief system that the precious metal spurs significant growth in wealth.

    The day on which Akshaya Tritiya falls differs each year depending on the alignment of the stars as per Hindu astrology. This 2018, the festival falls on the 18th of April and the muhurat (best time to buy) is between 05:56 to 12:22 hours. This means that people looking to buy gold can do so during this ‘6 hours and 23 minute’ window.

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    Akshaya Tritiya – An Auspicious Day to Buy Gold

    We know that Indians love gold, with the country being one of the biggest consumers of gold in the world. While the country has gold reserves of over 550 tonnes, the total gold in the country is estimated to be over 20,000 tonnes. Given this addiction to gold, it is safe to say that Indians don’t really need an occasion to purchase it, but any auspicious day just adds to our love for gold, with sales peaking during Akshaya Tritiya.

    Millions of Indians purchase gold on Akshaya Tritiya, as investing in gold on this day heralds the start of a new beginning. Investments done on this day are believed to bring prosperity, and gold which is viewed as an ideal investment in the country, is purchased across the length and breadth of India. Apart from the auspicious aspect of purchasing gold, its utility and reputation of being a great investment increase demand on this day.

    Gold Trends on Akshaya Tritiya

    As mentioned earlier, this day is extremely important for devout followers of Hinduism and Jainism, and as they scurry to get their hands of gold, sales peak. According to a report from a major publication, gold sales go up by as much as 30.5% in 2017, compared to the trend seen in 2016. To put this number into perspective, gold sales have hit almost 23.5 tonnes last year compared to the 18 tonnes sold in May of 2016.

    Prices of gold are usually higher on this day and the days preceding it, as demand increases from both buyers and retailers. However, the impact of the global bullion market cannot be understated as it still has a bearing on how the metal is likely to be priced.On the consumer side, a lot of offers and discounts can be found with various jewellers likely to offer benefits like ‘nil making charges’, ‘wastage’, and similar things. This, though, is entirely up to the sellers’ discretion so make sure to compare rates from various buyers before making a purchase.

    All in all, Akshaya Tritiya 2018 is expected to be nothing less than a bonanza for gold sales. If you’re one of those that believes in the importance of gold and the added value it bring on this particular day, have a safe day shopping.

    Read more on Gold

    News Related to Buying Gold this Akshaya Tritiya

    • Gold Set To Be Costlier This Akshaya Tritiya 2018

      With gold prices crossing the Rs.32,000 per 10 gram mark, Akshaya Tritiya 2018 is set to be quite an expensive affair. With most households buying gold jewellery on this auspicious day, a firm gold trend is expected due to continued tension between the United States and Syria.

      Gold was priced at Rs.32,300 for 10 grams on Saturday, 13th April, 2018 as the metal was buoyed by increased overseas demand. The current price is the highest for Akshaya Tritiya in recent years and could put a dampener on sales, though jewellers are optimistic about offtake. The possibility of a price rise after the festival could also result in greater sale volumes, according to some jewellers and industry analysts.

      16 April 2018

    • Increase in Gold Buying Ahead Of Akshaya Tritiya

      There has been an increase in gold buying ahead of Akshaya Tritiya 2018, which falls on 18th April, 2018. Customers have resorted to booking gold in advance as a hedge against a further rise in price as gold has surged in recent days.

      There has been close to 50% increase in footfalls over the past few days as customers are also buying prior to the wedding season that will begin later in the year.

      Considered one of the most auspicious days in the year, Akshaya Tritiya sees Indians buy gold in celebration of the festival. In addition to jewellery, an increase in orders for gold coins.

      Jewellers are looking at higher sales figures this Akshaya Tritiya due to positive market cues and a steady increase in gold’s value.

      14 April 2018

    • Demand for Gold gets boost ahead of festive season

      Even as the rest of Asia saw slow demand for Gold, domestic markets saw a boost in demand on account of the upcoming festival season. India celebrates Akshaya Trititya in the last week of April, on occasion where purchasing Gold is considered auspicious. Due to a good monsoon this year jewellers are expecting to see a boost in demand in rural areas. India is the second largest Gold market in the world, and has seen an increase in Gold imports over the past three month. Political tensions with North Korea and uncertainty over the French Presidential Elections saw Gold hit a five-month high earlier this week. Expecting a hike in demand, jewellers were charging a premium of $1 per ounce over the domestic price of Gold, which includes a 10% import tax.

      24 April 2017

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