New Delhi: Akshay Tritiya is considered an auspicious day for buying gold, silver and other metals. Gold prices are heavily tracked in the bullion market due to token buying on the auspicious occasion of Akshay Tritiya.
Akshay Tritiya, variously known as Okti or Akha Teej or Akshay Trutiya, is considered one of the most auspicious days for Hindus. It falls on the lunar day of Shukla Paksha in the month of Baisakh. As the name suggests, Akshaya Tritiya means ‘Third Day of Endless Prosperity’.
Prothmesh Mallya, AVP-Research, Non-Agri Commodities and Currencies, Angel One Ltd. providing estimates on gold said, “Over the long-term time frame gold is a portfolio diversifier as gold returns balance the overall risk-reward. Investors.”
“YTD 2023 gold returns as on 17 April 2023 were 7.5% in MCX and 8% for spot gold in international markets. However, returns in 2022 were not in favor of investors in dollar terms (-0.2%), though global uncertainty, global Equities were doing well and did not experience recession, default or bankruptcy or large-scale layoffs in 2022. At MCX, dollar-rupee parity (about 11% depreciation of the rupee) saved investors, as gold futures rose. About 15 percent in 2022,” he added.
Here are five best ways to invest in gold on Akshaya Tritiya
physical gold
Jewelery can be bought at shops that also sell hallmarked ornaments, gold coins or gold bars. Coins can be purchased through banks or jewellers.
Gold ETF
For investors who do not want to store physical gold due to security concerns, ETFs have been shown to be a very good investment option. All you need is a demat account. There are numerous gold ETFs accessible online where you can buy paper gold. This is the easiest and hassle free way to keep gold in good condition.
Trading gold through commodity exchanges
You can buy gold through futures trading on MCX, NCDEX, and ICEX. You also need to register a demat account here. Trading in gold futures requires a small brokerage fee.
Shopping through e-Gold
Another electronic way of holding gold is e-gold. Buying ETFs is a bit different. Unlike ETFs, where the holding company owns the gold, in this case you actually own the metal. The approach is rather comparable to buying ETFs.
Equity based gold fund
You can invest in mutual fund plans that have exposure to businesses involved in gold mining, refining, extraction and sales. All you need is a demat account.
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