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.
Akshaya Tritiya in 2017
Akshaya Tritiya is celebrated based on the lunar calendar, with the day changing every year. While it fell on May 9th in 2016, the year 2017 will see it being celebrated on April 28th. A number of temples across the country offer special prayers on this day, with the Puja Muhurat being between 10:29 am and 12:18 pm on April 28th and Tithi between 10:29 am on April 28th and 6:55 am on April 29th.
Also check Today's Gold Rate in the most popular Indian cities
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
Akshaya Tritiya is an extremely important day in the Indian gold calendar, with sales peaking during this period. Jewellers and gold shops see a surge in gold purchases, with estimates indicating that over 20 tonnes of gold are purchased annually on Akshaya Tritiya. This demand often leads to discounts, with jewellers keen to cash in on the rush. Most jewellers offer unique schemes, providing people additional incentives to purchase gold.
Gold rates on Akshaya Tritiya are often on the higher side, albeit global conditions can impact the final rate charged in the country. Prices fell last year during a few months but overall there was a slight annual increase on account of strong demand and other factors. A combination of these factors and attractive offers and discounts can see gold sales go up by 15-20% in most cities.
Regardless of rates, Indians have continued to show their trust in gold and celebrate Akshaya Tritiya by investing in it, and the year 2017 might be a good time to buy gold, for prices have been favourable in the last few months.Read more on Gold
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News Related to Buying Gold this Akshaya Tritiya
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.
24th April 2017