According to religious scriptures, it is believed that buying gold on Akshaya Tritiya can bring happiness, prosperity and more wealth in the future.
Akshaya Tritiya is considered to be an extremely auspicious festival for Hindus. Also known as Akha Teej, the day is said to bring good luck and success. According to religious scriptures, it is believed that buying gold on Akshaya Tritiya can bring happiness, prosperity and more wealth in the future.
Hence, most people purchase gold, silver and metal on this day. It is believed that by donating on this auspicious day one will get the blessings of the forefathers and all problems in life will go away. People also prefer to start new work or business on this day. This year the auspicious festival of Akshaya Tritiya falls on Friday, May 14.
Auspicious time to buy gold
This year, the time to buy gold on Akshaya Tritiya will start from 5:38 am on May 14, 2021 and will end on 5:30 am on May 15, 2021. That means, the total duration to buy gold is 23 hours and 52 minutes.
Impact on gold prices
Prof Arvind Sahay, Chairperson, India Gold Policy Centre at IIM Ahmedabad while speaking to Zee Media said that in the current scenario the demand for Akshaya Titya is expected to be strong and it is possible that people might be looking for door-step delivery services on the auspicious day by booking in advance.
“We are expecting good growth in volumes of gold held in electronic format and even the MCX gram contract,” Prof Sahay said.
“This year prices have seen a gradual decline in three months unlike in the past when prices have mostly gone up in the first quarter. It is possible that customers are seeing the recent decline in prices as good opportunity to accumulate. Gold demand in the past has shown a stronger positive correlation to more than expected increase in returns in equities. We believe the recent demand is also a function of this increased spend, considering that there aren't many avenues to spend in times of restricted travel,” he added.
What to buy
Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities advises investors to buy gold and silver as their prices are likely to shoot up in the coming days.
As per a CNBC TV 18 report, investing in gold exchange traded fund (ETF) is also a good option. Gold ETFs invest in gold bullion which is as good as investing in physical metal, but is held in electronic form. People can also explore gold mutual funds.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Akshaya Tritiya 2021: What to buy on the auspicious occasion and impact on gold prices, all you need to know")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}