Akshaya Tritiya 2023

Importance of Akshaya Tritiya in India 2023

In our nation, Hindus and Jains of all denominations celebrate Akshaya Tritiya with great fervor as it is a very auspicious day. It is regarded as one of the four most significant days in the Hindu calendar and falls in the month of Vaisakha. Any new endeavor started on Akshaya Tritiya is guaranteed to flourish and bring happiness and prosperity to the people. This day is regarded as being exceptionally wonderful for beginning new travels. With over 100 crore Hindus and Jains living in the nation, this holiday is widely observed and emphasizes the beginning of a fresh beginning.

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.

Also check Today's Gold Rate in the most popular Indian cities

Akshaya Tritiya 2023 - 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 tons, the total gold in the country is estimated to be over 20,000 tons.

On Akshaya Tritiya, millions of Indians buy gold because doing so marks the beginning of a new cycle. On this day, investments are said to bring prosperity, and gold is bought all over India because it is thought to be the best investment there. Apart from its auspiciousness, gold is in high demand on this day due to its practicality and reputation as a wise investment.

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 tons last year compared to the 18 tons 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 2023 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 brings on this particular day, have a safe day shopping.