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
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