Akshaya Tritiya 2024: Expert Advice, Timings, and How To Purchase The Best Gold On The Auspicious Occasion

The Hindu and Jain holiday known as Akshaya Tritiya takes place on the third day of the lunar Hindu calendar’s light fortnight, or Shukla Paksha, in the month of Vaisakha. It is observed globally by Jains and Hindus as one of the most fortunate days of the year.

Date of Akshaya Tritiya: 2024

The date of Akshaya Tritiya in 2024 is set on Friday, May 10.

The Importance of Tritiya Akshaya

The birth of Lord Parasurama, Vishnu’s sixth incarnation, is also connected to Akshaya Tritiya, which is said to be the day when Lord Vishnu made his earthly debut. Since the term “Akshaya” means “imperishable” or “never-ending,” it is said that good acts carried out on this day would bring benefits that will last a lifetime.

Customs and Traditions in Akshaya Tritiya

One of the most popular traditions and practices connected to Akshaya Tritiya is purchasing gold.

How Is Gold Is Purchased During Akshaya Tritiya?

Purchasing gold on Akshaya Tritiya is seen as very auspicious, as it is said to bring riches and success.

Hindu mythology claims that Akshaya Tritiya announces the start of the first yug, also known as Satyug or the golden time, according to Prithviraj Kothari, MD, RiddiSiddhi Bullions. This day begins a new cycle in which purchasing new items, such as jewelry or other treasures, is said to provide good fortune that lasts a lifetime.

Purchasing gold on Akshaya Tritiya is seen as auspicious since it is linked to success, prosperity, and good fortune. It is said that buying gold on this day ensures perpetual wealth. Some people buy gold with the idea that their wealth and prosperity would increase because they believe that what begins on Akshaya Tritiya will never end, continues Kothari.

The Ratio of Growth

“Gold has returned over 18.5% if we compare its performance from the previous Akshay Tritiya to the current Akshaya Tritiya. Anuj Gupta, head of commodities & currency at HDFC Securities, states that if investors had made annual gold investments during the previous five years during Akshaya Tritiya, their compound annual growth rate would have been around 17.50%.

Beyond Exchange of Money

“Gold has a profound cultural resonance in most aspects of our tradition,” said Vikas Singh, MD & CEO of MMTC-PAMP. Purchasing gold and silver on the auspicious occasion of Akshaya Tritiya is not merely a financial transaction; rather, it is a long-standing habit that paves the way for fortunate endeavors in the next year. In addition to being a success symbol, gold steadily increases in value over time and provides protection against diminished economic possibilities.

Purity Is Essential

Singh goes on to say that purity is crucial when thinking about buying gold. The inherent value and value for prospective returns increase with purity.

While karats provide a general indication of the amount of gold present, the fineness measure offers a more detailed breakdown. Crucially, even within the 24-karat category, purities might differ for the astute investor,” he continues.

The parts per thousand of pure gold that are present are called fineness. Gold goods certified 999.9+ are the finest type of gold on the market, boasting 99.99%+ purity.

In the same way, 999 fineness corresponds to 99.9% purity and 916 to 91.6% gold. Choosing the highest fineness of 999.9+ increases returns per unit weight and ensures better resale value in the long run.

Gold with the Best Value

Singh emphasises that reputable bullion dealers emphasize the finest gold, with a purity of 999.9+ and few trace elements, provided that the gold is accompanied by verified certificates. value is further increased by gold goods with a positive weight tolerance and 99.99%+ purity. A minted gold product with positive weight tolerance weighs more than the specified weight shown on the product and its container. Investments in mint goods with a positive weight tolerance are more valuable.

Singh further states that the purity criteria, which include requirements for purity levels, weight, physical attributes, and more, are worldwide recognized by the London Bullion Market Association (LBMA) and are accredited under the “Good Delivery” program. Accredited products provide traceability and acceptability in global gold markets and institutions, such as gold exchange-traded funds (ETFs).

Gold Will Continue To Gain Momentum

According to Colin Shah, MD of Kama Jewelry, domestic gold prices have risen 13% since the last Akshaya Tritiya, indicating a positive trend in both price and demand.

“We anticipate a two-fold increase in momentum during Akshaya Tritiya, which will be fueled by the emotional value associated with the yellow metal and one of the most auspicious times to invest in safe-haven assets like gold. Nevertheless, Shah notes that a change in behavior has been seen among young consumers, who are now primarily investing in gold for ornamentation. This tendency has also grown a sizable market share of its own.

Silver Is Not Far Behind

According to results from a recent analysis by Motilal Oswal, silver has increased 11% year over year and is expected to surpass gold in the near future.

Silver’s fan following has grown significantly over the last several years, and we anticipate a 10%–15% increase in demand on this auspicious day.

“In general, gold and silver have proven to be reliable asset classes. Given that their prices are expected to reach $75,000 and $1,000,000 in the coming year, there will be a significant surge in demand for these metals during the holiday season,” predicts Shah.

Offers on Akshaya Tritiya 2024 Gold

On the occasion of Akshaya Tritiya, top jewelers and stores are giving discounts on gold purchases.

When to Buy Gold on Akshaya Tritiya

from May 10, 2024, at 4:17 AM, until May 11, 2024, at 2:50 AM.