Is it wise to purchase gold on the auspicious day of Akshaya Tritiya 2024?

2024’s Akshaya Tritiya:

There is generally a spike in gold purchases on this day. But, it’s crucial to approach any investment thoughtfully and not just depending on lucky timing.

2024’s Akshaya Tritiya: This festival ushers in a new cycle during which purchasing new items, like as jewelry or other assets, is believed to bring good fortune that lasts a lifetime. Purchasing gold on this day is regarded as lucky since it is linked to success, prosperity, and good fortune.
Thus, there is generally a spike in gold buying on Akshaya Tritiya. But, it’s crucial to approach any investment thoughtfully and not just depending on lucky timing.
Akshaya Tritiya 2024: Is it wise to purchase gold now Tritiya Akshay?

Rather than making big purchases on Akshay Tritiya, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, suggests building up your gold holdings in smaller sums.
“Although purchasing gold during Akshaya Tritiya is said to be auspicious, the current price of about Rs 71,000 may be a little pricey. Therefore, rather of making big purchases, it is best to collect gold in smaller quantities, according to Trivedi.
Similar to this, Hareesh V., Head of Commodities at Geojit Financial Services, advised being cautious and purchasing little amounts of gold on Akshaya Tritiya.

He did, however, add that investors might benefit long-term from adding gold to their portfolios by taking advantage of any market downturn.

CA In light of the situation, Krishnan R., Director & CEO of Unimoni Financial Services Ltd., suggested purchasing gold bullion coins rather than jewelry.

extra expense related to creating ornaments.

Though gold is thought to be a strong hedge against inflation and offers instant liquidity, as CA Krishnan R pointed out, it does not offer steady returns like stocks or bonds and has storage costs.

What is the anticipated performance of gold futures during Akshaya Tritiya 2024?
“The elevated gold prices in the domestic market may marginally impact gold demand during the festive season,” says Umesh Mohanan, ED & CEO of Indel Money. Although the volume may decrease, the business might not suffer a major setback in terms of value.”

Furthermore, according to Trivedi of LKP Securities, there are usually changes in gold prices during Akshay Tritiya because of higher demand in the physical market.

Akshaya Tritiya 2024: Prospects for gold

According to Hareesh V of Geojit Financial Services, there may be a short-term technical correction in local gold prices. In the long run, nevertheless, strong foreign prices, higher physical demand, and a declining Indian rupee would help prices hold onto their optimistic view.

Good Moreover, Trivedi thinks that diversifying investments and intelligently timing purchases might help minimize risks and maximize long-term gains.
constructive catalysts

The US dollar is weak.

Aims for reductions in interest rates.

Geopolitical tensions are rising.

Concerned about the state of the world economy.

Significant purchases by central banks.

Risks: Firm international stocks.

Any modifications to the Fed’s policy choices.

Account opning link:

1. Groww Account- https://app.groww.in/v3cO/kyrp1zph
2. Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906