New Delhi: Akshaya Tritiya is considered an auspicious day for buying gold, silver and other metals. Gold prices are widely tracked in bullion market largely due to token purchases on the auspicious occasion of Akshaya Tritiya.
Significance of Akshaya Tritiya
Akshaya Tritiya, variously known as Akti or Akha Teej or Akshaya Trutiya, is considered to be one of the most auspicious days for Hindus. It falls on the Lunar day of Shukla Paksha in the month of Vaisakha. As the name suggests, Akshaya Tritiya means the 'third day of unending prosperity'.
Akshaya Tritiya 2021 date, time, puja muharat
This year the festival is being marked on Friday, May 14. The dates, however, vary every year as per the Gregorian calendar. The Puja Muhurat starts at 05:38 AM and ends at 12:18 PM
Due to second wave of the COVID-19 pandemic, shops and temples in many places could be shut. Hence, it is advised that devotees should maintain social distancing norms and perform the rituals at home. People who wish to buy gold can order items online.
Impact on gold prices
Prof Arvind Sahay, Chairperson, India Gold Policy Centre @ IIM Ahmedabad on the expected gold outlook in the present scenario told Zee Media said, the demand for Akshaya Titya is expected to be strong, possible that people might be looking at door step delivery services on an auspicious day by booking in advance.
“We are expecting good growth in volumes of gold held in electronic format and even the MCX gram contract,” Sahay added.
“This year prices have seen a gradual decline in three months unlike in the past when prices have mostly gone up in the first quarter. It is possible that customers are seeing the recent decline in prices as good opportunity to accumulate. Gold demand in the past has shown a stronger positive correlation to more than expected increase in returns in equities. We believe the recent demand is also a function of this increased spend, considering that there aren't many avenues to spend in times of restricted travel,” he added.