Akshaya Tritiya 2024: Why Do People Buy Gold On This Day?

The Hindu holiday Akshaya Tritiya is observed across the country. In 2024, it falls between 05:13 AM and 11:43 AM. Tritiya Tithi begins on May 10, 2024, at 04:17 AM, and ends on May 11, 2024, at 02:50 AM. Gold is supposed to bring wealth and long-lasting luck into the life of a person apart from acting as a hedge against inflation, therefore people who buy it during festivals like Akshaya Tritiya have proven to be especially fortunate and blessed with long-term wealth. Let's find out why people buy gold on Akshaya Tritiya Day as gold has always been a popular investment in India, even in the shape of coins, bars, jewellery, or any other form despite the fact that gold prices also tend to fluctuate on this day.

As per Mr Vikas Singh, Managing Director & CEO of MMTC-PAMP, "Gold, beyond its role as a symbol of wealth, holds deep cultural significance in Hindu culture, embodying our traditions, heritage, and prosperity. Purchasing Gold products on special occasions like Akshaya Tritiya isn't merely a transaction; it's a cherished tradition marking new beginnings and fortifying ventures for years to come. Buying gold is not only a symbol of wealth and success but also an essential hedge against uncertain times, as gold has proven to be a safe haven with increasing returns over the years. When investing in gold, purity is paramount. The purer the gold, the greater its value and potential return on investment. While the karat system provides a basic measure of gold content at 24-karat, the fineness level offers a more precise analysis that savvy investors must understand, as there are many variations within 24-karat gold."

"Fineness measures the parts per thousand of pure gold present. The highest quality is denoted as 999.9+ purity, indicating 99.99%+ pure gold content. A fineness of 999 means 99.9% purity, while 916 signifies 91.6% gold. Purchasing gold with the highest possible fineness of 999.9+ not only maximizes returns per unit weight but also ensures longevity and higher resale value down the line. Reputable sellers prioritize offering 999.9+ purity gold with minimum balance metals. They will provide certifications attesting to the authenticity and fineness of the gold. Furthermore, gold products with a purity of up to 99.99%+ and accompanied by a positive weight tolerance enhance an investment portfolio. This positive weight tolerance ensures that each gold piece exceeds the stated weight on the product and packaging to deliver exceptional value," Vikas Singh added.

"Lastly, the London Bullion Market Association (LBMA) accreditation is the globally recognised hallmark of purity standards. LBMA's "Good Delivery" standards cover specifications like purity levels, weight, physical characteristics and more. Products bearing this accreditation enable traceability and acceptance across international gold markets and institutions like gold ETFs. As India's only LBMA-accredited refiner, we at MMTC-PAMP offer 99.99%+ purest gold and silver minted coins and bars with positive weight tolerance. We are committed to educating consumers about gold's investment potential as a safe haven. Gold has historically been a reliable store of value, making it an essential component of any diversified investment portfolio. It is important to choose gold that embodies purity, craftsmanship, and tradition as one prepares to celebrate Akshaya Tritiya to ensure that this auspicious occasion is truly memorable," Vikas Singh commented.

According to Mr. Sachin Kothari, Director at Augmont Gold For All, "The Sanskrit terms "akshaya," which means "never diminishing," and "tritiya," which signifies the third lunar day, are the source of the name "Akshaya Tritiya."On this fortunate day, people who conduct noble activities and make large investments are said to receive eternal wealth, riches, and success. Purchasing gold on this day is seen to be very fortunate as it is thought to bring abundance and long-lasting fortune into one's life."

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.