Akshaya Tritiya 2024: Gold prices are hovering near all-time highs buoyed by various domestic and global factorsLucknow Wealth Management. In India, the precious metal’s price is often dictated by rise in demand on account of festive and marriage season or some special occasions like Akshaya Tritiya.

But the big question is should your gold buying decision be based on astronomy and mythology as most people suggest? Every year on Akshaya Tritiya or Akha Teej, gold demand rises in as the occasion is considered auspicious for purchasing gold jewellerySurat Stock. When it comes to buying precious things in India, our behaviours and choices are deeply rooted in traditionsKolkata Stocks. So whenever we plan to buy a new asset like a , property or gold jewellery, we Indians wait for an auspicious time and day. There are several occasions and festival days which are considered auspicious for buying such assets. Akshaya Tritiya is one of those occasions that carries a lot of significance.Chennai Stock

Experts are of the view that the current high prices of gold will not deter consumers from buying gold jewellery on this Akshaya Tritiya, to be celebrated on May 10 across the country.

“The elevated gold prices in the domestic may marginally impact gold demand during the festive season. There may be a decline in the volume but in value terms the business may not see a significant downfall. In India, gold jewellery is primarily an investment and every year people try to buy a bit of it, however small it may be, as they value it much more than any other investment,” says Umesh Mohanan, CEO, Indel Money.

Akshaya Tritiya is one of the factors that will push demand and prices temporarily, but experts believe there are several other reasons which will help gold’s northward journey in the months to come.

Also Read: Akshaya Tritiya Gold Offers 2024: Check out exclusive deals and offers from these jewellers on gold, diamond jewellery

Hareesh V, Head of Commodities, , is of the view that in the long run, firm overseas prices, increased physical demand, and a weak INR would assist gold prices to retain their bullish outlook.

In the international market, a weak US dollar, hopes of interest rate cuts, escalating geopolitical tensions, worries over the global economic outlook, and high central bank purchases would be the positive triggers, he said.

Gold is one of the best long-term assets which offers both safety and decent return to its investors. Domestic gold prices have seen a two-fold rise in the last five years and 10-times growth in little over two decades.

On last year’s Akshaya Tritiya (April 22), (24 carat) was Rs 61,300 per 10 grams in the national capital. In 2024 days before Akshaya Tritiya, the price of the yellow metal is hovering near 71,700 per 10 grams level, yielding 17% return for gold investors. If we look at returns in the last six months, the precious metal has grown by over 16%. Year-to-date, the gold price has risen by nearly 12%.

Given what the gold investment has delivered year-to-date and the factors that are bound to support the precious metal in the coming months, it might surprise the market and cross the milestone of Rs 1 lakh mark. To reach Rs 1 lakh by next Akshaya Tritiya, the yellow metal has to deliver a return of nearly 40% over the next 12 months.

In conclusion, the outlook at present for gold seems favourable supported by the above-mentioned factors.