Gold Buying Tips on Akshaya Tritiya: The tradition of buying gold on Akshaya Tritiya has been going on for years. Buying gold on this day is considered very auspicious. This is the reason that despite the significant rise in gold prices in the last two-and-a-half months, a large number of Indians will buy gold on the occasion of Akshaya Tritiya on Friday, May 10. Maybe you too are going to do the same. But before that, if you know what is the trend and strategy regarding the purchase of gold, then you will be able to follow the tradition of buying gold on Akshaya Tritiya and will also be able to take the right decision in terms of investment. .
Gold prices are currently hovering at record-high levels, so there is a strong possibility of a technical correction in the near future. But in the long run, due to the strength of prices abroad, increasing demand for physical gold and weakness in the rupee, the outlook for gold prices is expected to remain bullish. In this situation, experts say that people should maintain caution and do not overspend in buying gold on the occasion of Akshaya Tritiya.
There is a trend of increasing customer demand for gold as purchasing gold on Akshaya Tritiya is considered auspicious. But despite its cultural importance and store value, one must consider its advantages and disadvantages before buying gold jewellery. Experts say that gold is considered an inflation-beating investment and has high liquidity, but investing in physical gold does not provide regular returns like stocks or bonds. Besides, expenditure also has to be incurred on its safe maintenance. Considering the additional cost of making jewellery, it is said that gold coins are better bet on Akshaya Tritiya, especially gold bullion coins. Also, only buy gold from a trusted place, so that its purity is guaranteed.
High gold prices in the domestic market may have a minor impact on the demand for gold during the festive season. Due to this, there may be a decrease in the volume of gold sales, but in terms of value, there is no possibility of any significant decline in it. Experts say that due to geopolitical tension and slowdown in the major economies of the world, central banks of many countries are engaged in purchasing gold. The weakness of the US dollar against other major currencies of the world has also pushed gold prices upward. In the future too, gold prices are likely to rise further if the dollar falls. Those who intend to invest in gold should wait a little, as prices will not remain at such high levels for long. Prices are expected to soften as geopolitical tensions subside in future.
Due to the increase in demand for physical gold during the festive season of Akshaya Tritiya or Akha Teej, fluctuations are generally seen in the price of gold. Buying gold on Akha Teej may be considered auspicious, but the current price above Rs 71 thousand seems a bit high. Therefore, according to experts, people are advised to keep buying small amounts of gold and accumulating it instead of buying a lot of gold at once.
