Indore: It's day of fortune, prosperity and luck as Hindu calendar marks Akshaya Tritiya, also known as Akha Teej on April 26, i.e. today. The day is one of the most auspicious days of the Hindu calendar, which falls on the third day of brighter half in lunar month Vaishaksha.
The word Akshaya means something that never diminishes. This is the reason why people buy gold on this day, believing it will never diminish and help them prosper.
The trend in Indore has seen variations, as people opt to buy electronics, smart devices and cars more often on such auspicious days. This year, amid lockdown to prevent coronavirus, the trend is bound to change.
Sarafa Bazar-the popular gold market of Indore is shutdown. Most goldsmiths from this market are not channelizing online portals and applications to take orders, though some jewellers have tie-ups with online marketplaces and might consider bookings online.
Electronic retailers have several offers on Akshaya Tritiya to lure prospective customers, as shared by Gaurav Pahwa. “We have a an online system in place, where customers can book their orders online with the billing on the day and time booked,” he said. Deliveries would be done after lockdown lifts.
As informed by Deepak Patel, car retailers are slower on online bookings, but might consider booking on enquiries.
Fintech companies – Paytm and PhonePe are offering people to buy gold online in physical and digital card form on Akshaya Tritiya. National jewellery brands have announced a gold sale online through their E-commerce website on Sunday.
However, the big question that every person should consider is the feasibility and profitability of investing in gold at the moment.
Should you invest in gold right now?
Financial consultant Prakalp M Jain said, “Gold has an inverse relationship with the share market. When equity markets are bad, investors turn to gold as an alternate.” He explained that now is the time when share market and equity market are bad, leaving gold as an alternative for investors.
“People can invest in gold right now, but not more than 20% of total investments should be in gold,” Jain said. He explained that during economic uncertainty on account of COVID-19, gold prices are expected to rise.
“Gold prices will normalise, once the economy is back on track, which is expected to take about 12 to 18 months,” Jain said. He suggested that anyone considering investing in gold make a point to exit at decent returns during this period of 18 months.
“Further, I would suggest investing in fine gold coin or Cadbury form or best option is to buy in Demat form to avert carrying risk. And do consider buying pure gold in coin format or from stock exchange in an ETF format,” Jain added.
As per Hindu calendar Drik Panchang, this year Akshaya Tritiya shubh muhurat will be of 6 hours and 23 minutes duration. Akshaya Tritiya shubh muhurat will begin at 06:13 AM and end at 12:36 PM.