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Explained: The Deep Relationship Between Gold And Religion

By Finserv MARKETS - Aug 12,2019
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Explained: The Deep Relationship Between Gold And Religion

Gold has always found favour in Indian history, alluring people from nearly all walks of life. The metal has reached all-time highs and plummeted to fresh lows, as the government tackled issues ranging from inflation and interest rates to trade wars and solvency issues. With global market uncertainties on the rise, it nudged the shiny metal to even more popularity. Several experts have recommended that a substantial part of your investments be channelled towards holding gold as an investment or even enjoying the explore gained through digital gold.

Investing in gold: The tricks of the trade

Gold, in the form of ornaments and jewellery, is not just seen or used as a wearable metal but also leveraged as a tool to hedge against any unforeseen financial inadequacies. Traditionally, there are two ways of buying gold. One is where people can buy the physical metal – it can come in the form of coins, jewellery and gold bars. However, paper gold is largely for investors looking at gold as an investment. This can come in the form of several options, be it exchange-traded funds (ETFs) or sovereign gold bonds (SGBs). While looking at gold as an investment, many investors miss out on how expensive the entire affair can be if you want to buy physical gold. With physical gold, there are concerns about its safety, designs that aren’t changing with the market’s demands, heavy costs – including ‘making charges’ – which could go up to more than 25 per cent in certain cases, depending on the design. With options like digital gold permeating the market, investors have more choices. They’re able to leverage a cheaper and more efficient form of investing in gold, without burning through their pockets with additional charges or fees. Investing in digital gold is extremely simple. At Finserv MARKETS, individuals can invest in gold or execute any order for online gold purchase in under two steps.

When it comes to making a choice, you will need to consider the initial cost of starting out. However, with online gold purchase or other options like gold ETFs and SGBs, there is greater cost efficiency since the entry cost for a gold ETF could be just around 1 per cent and for SGBs, there are no entry costs. Better yet, the online gold purchase will enable investors to tap into secondary markets – helping you actively trade and invest in gold-linked products anywhere and anytime.

Why the metal is auspicious to Indians

Whether it’s on fabrics or on jewellery, Indians perceive gold to be one of the most auspicious metals, one that marks important occasions like the birth of a child, an engagement or marriage. Its significance has been woven into religious books as well. Oftentimes, golden chunnis or other forms of gold are offered to the temple during religious festivals. There’s even an auspicious day dedicated to gold. Many throng jewellery stores in search of the perfect gold set during Akshaya Tritiya, an annual Hindu festival, where the shiny yellow metal is sold at a discount. On this day, purchasing gold is said to be lucky.

Popularly known as Akshaya Tritiya, Akti or Akha Teej, is an annual springtime festival celebrated by the Hindus and Jains and falls on the third Tithi of Bright Half of Vaisakha month, signifying the third day of unending prosperity. Akha Teej or Akshaya Tritiya is the Hindu auspicious day to start new activities and has a special significance in Hinduism. The day brings to light the religious significance of gold and the allied concepts of wealth and prosperity. The day is ruled by Lord Vishnu and is believed to bring good luck. People celebrate the day by buying gold as it is believed that buying gold on Akshaya Tritiya will bring prosperity in the future.

The word Akshaya means never diminishing, hence, it is believed that the puja performed or the fast observed on the day of Akha Teej will bring long-term benefits for devotees. No wonder then, that gold sales during the Akshaya Tritiya season shoot up. With an alternative in digital gold, the same trend is seen with online gold purchase habits.

Conclusion

Gold has been a favourite for many across the globe. However, before deciding to take the plunge into buying the physical metal, consider the other options at hand.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!

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