Akshaya Tritiya is considered auspicious by Indians for new beginnings, like starting of a new business venture, wedding and investments.
Akshaya Tritiya is considered auspicious by Indians for new beginnings, like starting of a new business venture, wedding and investments. According to belief, Kubera received his wealth and position of the 'Lord of Wealth' this day. So, what you buy today doubles in its value.
Gold is the choice of metal this day as Indians throng shops to make customary purchases, and jewellers offer discounts, new designs of coins and jewelleries .
Akshaya Tritiya accounts for near 25 tonne or near 4 percent of annual India gold consumption. In 2020, the festival falls on Sunday (April 26). As the physical stores are shut due to the nationwide lockdown, the business has shifted to online. Lockdown has led to online sales being accepted, adopted and trusted by customers across the country.
The online gold buying has shown considerable progress and is expected to increase further in the coming days. Augmont, a digital gold company has reported 8 percent spike in past month with buyers buying piece of gold worth Rs 4 to Rs 5,000.
The company has a turnover of more than $1 billion, which makes it one of the largest networks of bullion dealers across India. Its online platform has 4,000+ registered clients.
Paytm, the largest digital payments player in the country, is also offering digital gold on their app through partnership with bullion refiner MMTC-PAMP.
Jewellers who have online portals have quickly moved into strengthen the presence and deals on their websites. Velvetcase, an online brand says the traffic on the websites has gone up by 300-400 percent, the transactions though are still pricking up on slower pace.
Brands like Kalyan Jewellers, Malabar Gold have started online gold buying facility for customers. Thrissur-based Kalyan Jewellers is also selling gold ownership certificates.
Tanishq, the jewellery brand of the Tata Group, has launched video calling feature and live chat assistance helping you to pick jewellery online. Jewellers are also open to pre-booking the orders and home delivery on a later day.
Gold ETF’s is yet another platform that has seen a phenominal last quarter and the fund managers tell us that this April could be a record month with the kind of daily inflows that they are witnessing.
Gold is up 15 percent this year even as all other asset classes are in negative due to coronavirus led shutdown. The global markets have slipped into recession and the weak economic data, easy money policies, huge stimulus measures have led to safe haven buying in gold.
The Indian prices have hit string of record highs this year, making it a must have in your portfolio. Yet another way to hold the precious metal is the Sovereign Gold Bond. The government has launched the first tranche this week at Rs 4,639 per gram, the issuance for which has been fixed for April 28.
Five more tranches have been planned until September 2020. The instrument is offered at a discount at spot price, earns you additional interest per annum in addition to gold price movement and as tax concessions too.
Experts suggest that 10-15 percent of your portfolio holding should be in gold. The gold prices should be bought with a view of 3-5 years. The prices are in a structural bull run and expected to do well in a time span of 12-18 months and then consolidate.
|Akshay Tritiya Prices|
|Rs 46,300 - April 24, 2020|
|Rs 37,462 - May 7, 2019|
|Rs 31,535 - April 18, 2018|
|Rs 28,861 - April 28, 2017|
|Rs 29,860 - May 9, 2016|
|Rs 26,938 - April 21, 2015|
|Rs 28,865 - May 2, 2014|
|Rs 26,829 - May 13, 2013|
|Rs 28,852 - April 24, 2012|
|Rs 21,736 - May 6, 2011|
|Rs 18,167 - May 16, 2010|
First Published: IST