The third day of the Baisakh month is the day when Akshaya Tritiya is celebrated. It will be observed on April 22 this year. On this day, just like on Dhanteras, people buy gold and jewelry. Buying gold during Akshaya Tritiya is believed to bring prosperity and success.
During Akshaya Tritiya, the best time to buy gold is between 7.49 and 5.10 a.m. on April 23.
In the meantime, the Akshaya Tritiya puja tithi begins at 7.49 am on April 22 and ends at 7.47 am the following day.
Many people are concerned about the question, “Is buying gold a good investment option at the moment?” as the festival nears.
Most people agree that gold is regarded as a secure and dependable investment. In times of economic uncertainty, it is frequently used as a safe haven asset. Investors are now wondering if buying gold this season can brighten their portfolios given the recent rise in gold prices ahead of the auspicious Akshaya Tritiya.
Especially during periods of market turmoil, investing in gold can provide stability and diversification to a portfolio in light of the recent rise in gold rates.
A recent study on precious metals by Windmill Capital, a wholly owned subsidiary of smallcase Technologies Pvt Ltd, reveals that gold has been the focus of attention throughout FY23 because of the uncertainty in global financial markets.
“Gold will continue to remain in focus as investors look to move toward safety, while the equity markets are expected to remain volatile due to concerns about inflation and slowdown. When equity markets are in a downtrend, gold typically protects capital and serves as a hedge against inflation.
As indicated by MCX, gold costs have climbed north of 20% to Rs 60,800 as on April 13, 2023, from Rs 50, 800 as on May 3, 2022. “Fears of a recession and the collapse of US economic activity are expected to drive strong demand for gold,” Windmill Capital stated.
However, it is essential to keep in mind that gold prices can fluctuate, so investors in this asset class should exercise caution.
In the end, a person’s financial objectives, risk tolerance, and investment horizon should all play a role in deciding whether or not to invest in gold. Before making any investment decisions this Akshaya Tritiya, individuals who are thinking about investing in gold should carefully consider their options and consult a financial expert.
