Planning To Buy Gold On Akshaya Tritiya Tomorrow? Check 5 Best Ways To Invest

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.

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'.

Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One Ltd giving the estimate on gold said, "Gold has been a portfolio diversifier in the long term time frame as the returns in gold balances the overall risk reward for any investor."

"Gold returns in 2023 YTD as on 17th April 2023 stood at 7.5% on the MCX and 8% for Spot Gold in international markets. However, the return in 2022 was not in favor of investors in dollar terms (-0.2%), despite the global uncertainty, the global equities fared better and the year 2022 neither experienced recession, defaults or bankruptcies or large scale layoffs. On the MCX, the dollar rupee equation (rupee depreciation of around 11%) saved the investors, as gold futures were up by around 15 percent in 2022," he added. 

Here are the five best ways to invest in gold on Akshaya Tritiya 

Physical gold

Jewellery can be purchased in stores that also sell hallmarked ornaments, gold coins, or gold bars. Coins can be purchased via banks or jewellers.

Gold ETF

For investors who don't want to store actual gold due to security concerns, ETFs have shown to be a very good investment option. The only thing you require is a demat account. There are numerous gold ETFs accessible online where you may purchase paper gold. It is the simplest and hassle-free way to keep gold in good condition.

Gold trading through commodity exchange

Through futures trading on the MCX, NCDEX, and ICEX, you can purchase gold. You will also need to register a demat account here. Trading in gold futures requires a little brokerage fee. 

Buying through e-Gold

Another electronic way to hold gold is through e-Gold. Purchasing ETFs is somewhat different from this. In contrast to ETFs, where the holding company owns the gold, in this case you are the actual owner of the metal. The procedure is rather comparable to purchasing ETFs.

Equity based Gold funds

You can invest in mutual fund plans that have exposure to businesses involved in the mining, refining, extraction, and selling of gold. The only thing you require is a demat account.