Here’s why Akshaya Tritiya is considered an auspicious time to buy gold
Did you know that India is the second largest consumer of gold in the world? Over the past decade, the country’s average gold demand has been over 800 tons. The reason for this high demand can be justified by our immense love for the precious metal. Indeed, Indians buy gold for all kinds of celebrations. One festival that’s especially auspicious for buying gold is Akshaya Tritiya.
But why exactly is this considered the right time to purchase gold? Here are some of the most popular reasons.
Beginning of Satyug: According to Hindu scriptures, Akshaya Tritiya marks the start of the first yug – Satyug or the golden age. It is believed that on this day Lord Krishna gave Draupadi a patra (leaf) in which an abundance of food appeared for the Pandavas, who were then in exile.
Planetary alignment: On Akshaya Tritiya, it is believed that the Sun – which is considered lord of the moon and all the planets – is at its peak radiance. As it shines brighter on this day than any other, it is deemed favourable for forging new partnerships and for weddings.
Descent of the Ganga: According to Hindu mythology, it was on this day that the river Ganga descended from heaven to earth. The goddess Annapurna is also believed to have been born on Akshaya Tritiya.
Eternal wealth: As the term ‘Akshaya’ means ‘never diminishing’, it is believed that buying gold on this festival guarantees endless wealth.
Valuable investment: Since Akshaya Tritiya is considered auspicious, many people start new ventures on this day. Many also believe that buying precious metals on this day brings prosperity and good luck.
Now that you know the many reasons for buying gold on this auspicious occasion, the next probable question could be, “How do I buy gold?” Unlike in the past, when gold could only be purchased in physical form – jewellery, coins, or bars – today there are many ways to obtain this precious metal. Investing in Gold Exchange Traded Funds (ETFs) is one of these new-age ways.
Gold ETFs can be in either dematerialised or paper form and are traded on the stock exchange just like regular funds. This form of gold offers several advantages that make it an excellent investment.
- They are purchased and sold at the same rate across India, giving them an edge over jewellery.
- There is complete transparency in prices, and these funds can be traded at any time through a broker.
- The trading activity is closely monitored by the Securities Exchange Board of India (SEBI).
In addition to all this, you don’t have to worry about storage and safety as you hold these funds through Demat. They can even be used as collateral and redeemed at any time, in either monetary or physical form.
If you wish to get the best out of gold ETFs, start investing in them right away. All you need to do is open a Demat account with HDFC Bank. Not only is this a quick process, there’s no account opening charge, which makes it all the more attractive. You can also use your demat account to link to other investment options.
So, this Akshaya Tritiya, resolve to start a new and prosperous investment in gold ETFs for a better and brighter future!