Akshaya Tritiya 2024: Things That You May Consider Buying To Bring Good Luck

Akshaya Tritiya is one of the most auspicious days and celebrated all across India with huge enthusiasm. Akshaya Tritiya, also known as Akha Teej, will be celebrated on May 10, 2024. People all over India buy gold, silver ornaments, and other precious metals on this day. As per sayings, anything purchased or started on Akshaya Tritiya would become indestructible and flourish with time. As per the age-old belief, investing in gold is considered to be highly auspicious on Akshaya Tritiya.

Below are 4 things that you may think of buying on Akshaya Tritiya to bring good luck:

Gold: Buying gold remains the first preference for scores of people on Akshaya Tritiya as it is considered to be one of the best things. Gold is considered to be the symbol of prosperity that can bring good fortune. After people buy gold on Akshaya Tritiya, they perform puja and offer their purchase of gold to goddess Lakshmi and Kuber.

Silver: Silver is also yet another important metal that many people like to purchase on this day. As silver is cheaper in comparison to gold, it can be an ideal investment option for people with tight budget.

Vehicle: It is also one of the best things to buy on this festival as it is considered auspicious and can bring good luck. You may think of buying the new vehicle in shubh muhurat.

New Home Or Property: This is yet another crucial purchase that many people love to make on Akshaya Tritiya. In fact, many in India wait for this festival to purchase a new house or property. People also prefer to invest in property on this day as anything purchase on this day is considered auspicious.

Meanwhile, gold prices fell today for second consecutive day ahead of Akshaya Tritiya 2024 thus bringing cheers to gold buyers all across India. As per market experts the ongoing decline in yellow metal prices can be attributed to hawkish stance by US Federal Reserve on interest rate cuts. Meanwhile, soaring US Treasury yields along with US Dollar rates are also reportedly responsible for gold prices fall today. Meanwhile, Akshaya Tritiya is expected to push demand and prices for gold temporarily.

22k gold price today fell by Rs 100 to Rs 66,150/10 grams and 22 carat yellow metal prices for 100 grams fell by Rs 1000 to Rs 6,61,500 in India today. 24 carat precious metal prices dipped by Rs 110 to Rs 72,160/10 grams and 24k yellow metal prices for 100 grams slipped by Rs 1100 to Rs 7,21,600 in the country on May 9. 24k per 100 grams gold prices fell by Rs 2200 in 2 days. Price of 18k gold today is Rs 54,120/10 grams and cost of 100 grams of 18 carat gold is Rs 5,41,200 after decline by Rs 800 on Thursday.

On gold price movement ahead of Akshaya Tritiya and whether you should buy yellow metal or not Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, "The current range for gold prices is Rs 70,500 to Rs 71,200 per 10 gm. A breakthrough of this resistance could push the yellow metal price to Rs 71,800 per 10 gm on the MCX. Any dip in gold price today should be viewed as a strategic buying opportunity, as demand for physical gold is expected to gain momentum on Akshaya Tritiya, falling on 10th May 2024. Spot gold price has immediate support at $2,300 per ounce level, while it is facing resistance at $2,330 per ounce. A breach of this hurdle could propel spot gold price to $2,360 per ounce in the short term."

Prithviraj Kothari, Managing Director at RiddiSiddhi Buliions Limited said, "Hindu mythology states that Akshaya Tritiya heralds the beginning of the first yug, known as Satyug or the golden period. This day marks the beginning of a new cycle in which buying new things, including jewelry or other valuables, is said to bring long-lasting luck. Buying gold on Akshaya Tritiya is considered auspicious since it is associated with good fortune, wealth, and achievement. Purchasing gold on this day, so the saying goes, guarantees eternal prosperity. Some acquire gold in the belief that their riches and fortune would expand because they think that what starts on Akshaya Tritiya will continue forever."

According to Tapan Patel, Fund Manager-Commodities at Tata Asset Management spoke on various forms of yellow metal that can be considered on Akshaya Tritiya which included jewellery, bars, coins, exchange-traded funds (ETFs), sovereign gold bond schemes, gold funds, and Digi-Gold, among others.

On things that people may consider investing on Akshaya Tritiya, Gaurav Goel, Investment advisor at Lamoksh Investment said, "Investors in the financial world buy various financial instruments on this day. Gold and Silver are the most popular options. People generally prefer physical purchase of these metals. However, we strongly recommend financial options like Sovereign Gold Bond Funds or Exchange Traded Funds as costs are much lesser, authenticity is ensured and they are also easier to trade. This is also considered an auspicious day to start new ventures, partnerships and real estate purchases."