One of the popular traits among Indians is the love for gold and gold jewelry. Possession of gold in the family is considered as a tradition in the country. In most cases, a gold ornament stays in the family for ages and is passed down for generations.
Women in India have a different association with gold and they treat it as a personal asset. They can even sell or pawn the jewelry in case of an emergency. Besides traditions, the precious metal has been a popular form of investment among Indians for several years.
Most of the people in India buy gold either in the form of coins or gold bars for the purpose of investment while others prefer to wear the lustrous yellow metal in the form of jewelry. Gold has been an excellent hedge against inflation as the prices rise when the cost of living increases. After all, India is one of the biggest consumers of gold in the world.
If you are planning to buy gold this year, gear up for Akshaya Tritiya that falls in the month of Vaisakha. It is among the three most auspicious days in the Hindu calendar. The word Akshaya in Sanskrit means "never diminishing" or ‘eternal’. This year Akshaya Tritiya falls on April 18. It is considered to be an auspicious day to purchase gold and start new ventures. Anything bought on this day is said to bring prosperity and good fortune.
Gold prices were on a 15-month high about a month ago. The price of 10 grams of gold has increased over 7% from Rs.28,925 since the last Akshaya Tritiya, on April 28, 2017. If you are planning to buy gold on Akshaya Tritiya, it is better to keep a tab on gold prices for the upcoming days.
You can check daily gold and silver prices on the BankBazaar App. Available on Android and iOS for free, the app offers 22K and 24K gold rates for 1 gram and 8 grams for all the cities. You can even check out city-wise silver rates for 1 gram and 1 kg. Moreover, the app even offers daily alert for gold and silver prices. While buying gold, it is advised to check for purity and hallmark on jewelry and gold coins.
In order to lure customers ahead of Akshaya Tritiya, jewellers across cities offer discounts on making charges for gold and diamond jewelry and other offers. The aim is to offer incentives to prospective buyers to purchase gold. Earlier people preferred to buy gold coins on Akshaya Tritiya, but as a result of high prices, the trend has now been shifted to purchasing light jewellery as a token on the auspicious day. Popular jewellers will expect balanced and decent buying on the auspicious day.
You can buy gold bars and coins from online portals, jewellery stores and banks. They come in handy during the time of need and can also be treated as an investment. Indians have continued to show their trust in gold and celebrate Akshaya Tritiya by investing in it. It is possible that the trend will continue this year as well.
So, what’s keeping you in wait? After all, this Akshaya Tritiya 2018 is expected to be a super bonanza for gold sales. Don’t miss out the auspicious day. Add this precious metal as one of your investment option, Happy Shopping!