Akshaya Tritiya 2024: Gold’s Shine Keeps On Rallying in India!

Akshaya Tritiya 2024: Gold's Shine Keeps On Rallying in India!

The Akshaya Tritiya 2024 is incoming as we speak.

As Indians, we have a plethora of festivals that keep us joyous and prosperous all year round. When it comes to the market’s saviour ‘ Gold’, Askhaya Tritiya is one festival that always brings the shine to Gold. 

Diving into the history of Akshaya Tritiya, which has also been referred to as Akti or Akha Teej is an annual Jain and Hind spring festival which marks one of the most auspicious days in the Hindu Religion. 

But how does it impact gold and all its movements? 

Well, let’s dive in and understand it a bit more!

Akshaya Tritiya 2024 – Muhurat and Significance: 

Everything has to take place at the right time and at the right moment. The same goes with Akshaya Tritiya as well. 

The Akshaya Tritiya 2024 puja Muhurat will begin at 4:17 AM on May 10th, 2024 and will end at 2:50 AM on May 11th, 2024. 

Talking about its significance, Akshaya Tritiya holds great religious values in the Hindu religion. ‘Akshaya’ is a term which is closely connected to mentioning ‘eternity’, something which remains forever while the term ‘Tritiya’ means the 3rd day of the Shula Paksha. As per Hindu scriptures and beliefs, performing auspicious activities on this day is associated with attaining lifelong prosperity. 

This day marks an auspicious occasion on the calendar for any business venue, job or housewarming. But most importantly. the occasion insists on the purchase of gold, silver and other ornaments. As per Indian beliefs, it is believed to bring about success, good fortune and also prosperity in life. 

Gold and Akshaya Tritiya 2024: A Pious Occasion

The purchasing of gold is considered a highly auspicious practice in the Hindu culture on the occasion of Kashaya Tritiya. The truth is, several people, believe that the cosmic energies of the universe align in a certain way that attracts positivity and prosperity in your life. 

With late gold price rises in the past few months, the reports coming in suggest that this won’t dampen the enthusiasm of buyers who view gold as a symbol of prosperity and goodwill. 

Gold Council’s Outlook:

The World Gold Council is a premier organization that keeps track of all things gold. As per their recent report, the global gold price hit new highs in the first quarter of the year, with a 3% increase in the demand worldwide and also an 8 % increase in demand in India. All that this suggests is a heightened buying activity in the Indian market.

In connection with this, CNBC TV18 interviewed several jewellers in Bangalore to discuss current trends in gold prices and purchases. 

GV Sreedhar, Managing Director of Sree Rama Jewels had expressed confidence despite the rising prices. He further went on to say that customers have been optimistic and focused on the long-term value of their investments. 

Moving on to other jewellers, Goutham Chand the Managing Director of Navrathan Jewellers emphasized the significance of Akshaya Tritiya as a traditional festival where we can see that customers eagerly purchase gold after saving throughout the year, especially for this occasion. 

US FED – Hawkish Statements Continue:

As Akshaya Tritiya 2024approaches, all individuals can see that there is a drop in gold prices. 

The ongoing decline in gold prices can be traced back to the US Fed’s comments which are hawkish in nature. These statements are putting pressure on commodities as well.

Furthermore, the US Treasury yields have been surging following the auction of 10-year yields leading to an increase in the US Dollar. 

Iran- Israel Conflicts:

The scenario of war is something that has shot up gold in the previous year. As per analysts’ predictions, any further escalation in the tension between the 2 nations may trigger fresh momentum in the bullion market. 

A Perspective From Commodity Samachar:

With Akshaya Tritiya 2024 closing in, Commodity Samachar had a few views to put out. Check out our video to understand things more in detail. 

Our experts said ” Gold is a tool against inflation. Gold is something that can deescalate your risk in the tie of economic stress. The strong momentum seen in gold is set to continue, so gold is not just going to bring you prosperity this Akshaya Tritiya, but is also something which will safeguard you from inflation.

Talking about the price of gold it was INR 28000 per gram in 2014 and today it has become INR 7000 per gram. This can only mean that investors have invested up to 150% of their savings in the last 10 years. “

With Akshaya Tritiya 2024 on the horizon, why not buy some gold?

Happy Trading!

Commodity Samachar
Learn and Trade with Ease

Also read – Forex News Letter Copper Update: Have copper prices stopped their recent rally?

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