Buying Gold on Akshaya Tritiya

Buying gold on Akshaya Tritiya has long been a part of the Indian tradition. This country is currently the second-largest gold purchaser across the globe. So, this higher demand for gold, coupled with a long line of mythological narratives rooted in the country’s history, makes Akshaya Tritiya an auspicious time to buy gold. 

Why is Buying Gold on Akshaya Tritiya Considered Auspicious

The term Akshaya refers to something beyond decay, signifying the symbolic importance of the day. This day is oftentimes associated with the birth of Lord Vishnu and the beginning of the Satya Yug. A number of other crucial events from the Hindu and Jain mythological pantheon are believed to have taken place on this day.

 

Therefore, Indians opt for gold purchases on Akshaya Tritiya as a token of marking the beginning of a new and prosperous time in their lives. Moreover, it is believed that buying this precious metal at this festival, much like its name, can lead to never-ending opulence for everyone.   

Right Time to Purchase Gold in Akshaya Tritiya

Akshaya Tritiya is also marked by worshipping Goddess Laxmi, the Hindu deity of wealth. So, believers of astrology consider some muhurat or holy timings of the day ideal for Akshaya Tritiya gold purchase. 

 

In the upcoming year of 2023, this festival spans the 22nd and 23rd day of April. As per the astrological calculations, the ideal time to buy gold on Akshaya Tritiya is in-between 07:49 AM on April 22nd to 07:47 AM on April 23rd. The choghadiya measurement method to determine a guideline for auspicious timings suggests that this 24-hour span of the Tritiya includes holy muhurat such as Subha, Chara, Labha, and Amrita – which are favourable for gold purchase. 

Gold Trends on Akshaya Tritiya

Some of the current prevailing trends regarding gold purchases in this country include:

• Online Gold Purchase for Akshaya Tritiya

Before rapid digitisation, investing in gold was synonymous with purchasing bullion. However, with the changing dynamics of the present day and age, individuals have the option to buy this precious metal online.

 

This way, buyers can avoid hassles related to physical gold – especially concerns about a safe storage facility. In general, the sellers remain responsible for storing the bullion, which is also 100% insured. Moreover, a buyer can also rest assured about transacting at the best market rates and receiving products with around a 99% purity guarantee.  

 

Notably, in traditional methods of purchasing gold jewellery, prices can go upswing due to higher inventory carrying costs, holding costs, and other overheads. Therefore, when they buy gold online on Akshaya Tritiya, customers can save up a significant amount by investing in ornaments. 

• Nil Making Charges and Lowered Wastage Charges

During this festive season, a jeweller may provide an Akshaya Tritiya gold offer, like waving off a significant percentage of the total making charges. Additionally, some jewellers have special schemes for their clients under which they are completely absolved of this fee.

 

Moreover, in general, jewellers also levy a certain fee over the jewellery prices for the gold wasted during the manufacturing procedure of an ornament. During the festive season, some of the leading jewellery makers of the country reduce this charge significantly to attract a larger portion of potential clients. 

• Gold Exchange Traded Funds

Market enthusiasts have also been considering gold exchange traded funds or gold ETFs as a financially beneficial tool. This method of passive investment allows individuals to trade in the dematerialised or paper form of physical gold.

 

With SEBI monitoring the transparency of the protocols involved in this mutual fund trading in the stock market, an investor can find this alternative economically advantageous for him or her over traditional gold jewellery. Additionally, as these are bought and sold at a stable rate throughout the country, a trader can conduct business regarding the same anytime with assistance from a broker. 

• Pledging Gold as Collateral for Credit Application

The precious metal can also give a borrower the necessary edge for getting his or her loan application sanctioned. Applicants can pledge this asset as collateral for a secured line of credit. Moreover, as there is no end-use restriction in place, a borrower can utilise the financial aid obtained to meet any kind of personal or business requirements. 

 

The leading financial institutions of India provide gold loans at a competitive LTV ratio and use state-of-the-art carat meters to determine the market value of the jewellery. Moreover, as these products are provided with a complimentary insurance and kept in high-security vaults, the risk factors are largely mitigated in this regard.