Why Akshaya Tritiya is the perfect time to invest in gold; recent returns speak for themselves — explained
gold as an investment, symbolising perpetual prosperity and abundance. Historically, gold prices have grown steadily, often showing stability or an increase around Akshaya Tritiya due to heightened demand driven by cultural and religious sentiments. “This trend offers investors a potential opportunity for profit from price appreciation.
Gold is both a safe-haven asset and a hedge against inflation, offering constancy and diversification during economic uncertainty. Investing in gold on Akshaya Tritiya can help accumulate long-term wealth and protect against financial volatility," said Sarvjeet Singh Virk, Co-founder & MD of Shoonya by Finvasia. Last year, on Akshaya Tritiya (April 22), the price of gold (24 carats) in the national capital was ₹61,300 per 10 grams.
Days before Akshaya Tritiya in 2024, the price of gold is hovering near ₹71,700 per 10 grams. The returns from the yellow metal from the last Akshaya Tritiya (April 22, 2023) are around 19 per cent, as per the chart shared below by Kedia Advisory. Investors can consider buying gold to hedge against potential losses on this Akshaya Tritiya on Friday, May 10, 2024.
As per the data shared above, the yellow metal has delivered a one-year return of 19 per cent, while the Nifty 50 has yielded a return of 20 per cent. The Sensex has seen a return of less than 18 per cent, and the Nifty Bank has returned around 10 per cent during the same period. The current market environment and religious beliefs could be favourable for gold investment.
Gold prices have risen sharply in recent months, hitting all-time highs in domestic and international markets. “Gold prices in India have crossed ₹73,000 per 10 gram while at COMEX prices have crossed the $2400 per ounce mark. The key
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