Should You Buy Gold this Akshaya Tritiya?

Happy Akshaya Tritiya!

The word “Akshaya” means the never diminishing in Sanskrit. The day is considered auspicious by Hindus and Jains. It is also known as Akha Teej. People buy Gold on Akshaya Tritiya as it is believed any venture started on this day brings in prosperity and continues to grow.
Akshaya Tritiya
Happy Akshaya Tritiya

World Gold Council has projected an increase in India’s gold imports to 9000 tonnes based on the trends of early months in the calendar year 2013. In the previous year India imported 860 tonnes of the yellow metal.

Buying Gold on Akshaya Tritiya is considered Auspicious
Buying Gold on Akshaya Tritiya is considered Auspicious

There was a huge price drop in the month of April. Since then domestic demand for the precious metal has seen a consistent rise. Gold Prices in Delhi have fallen to Rs 27,520 per ten grams currently from the November 2012 peak of Rs 32,975 per ten grams.

RBI has persistently taken measures to cut back gold imports to check Current Account Deficit (CAD). This has not dampened the interest of Indians in this investment avenue.

Read this article to know why you should buy gold now? (written on April 21, 2013; Gold prices on MCX Rs 26,052)                 

Inputs from Wikipedia, World Gold Council, PTI, Times of India, Home makers Guide to Finance and Living


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