Akshay Tritiya is considered the most auspicious time to buy gold, according to the Hindu calendar. As the day approaches there has been a spike in the gold prices.
Since the start of the year the gold prices have been falling. After reaching record highs of ₹58,000/10gms last year, the prices have been showing correction.
But, over the past one month both Gold and Silver have seen a steady rise. In April Gold prices have appreciated by almost 4 per cent while Silver prices have shot up by over 5.6 per cent.
The gold price is a function of demand and supply. As the demand increases the gold price also increase. The prices of gold usually rally in India ahead of Akshay Tritiya
To acess whether is it true that does gold price really increase during this time of the year, let’s look at the previous year’s trends in gold. We have collected data from the month of January to July for the past 6 years
Akshay Tritiya was on 21st April, 2015
Akshay Tritiya was on 9th May, 2016
Akshay Tritiya was on 28th April, 2017
Akshay Tritiya was on 18th April, 2018
Akshay Tritiya was on 7th May, 2019
Akshay Tritiya was on 26th April, 2020
If you closely observe the trend during this time of the year, you’ll see that the prices start going up during Akshay Tritiya and the upward trend continues.
This means, if you buy gold now there is a high chance that the prices, which have started going up, will continue to rise and by the end of this year you’ll be in profit with your gold purchase.