Akshaya Tritiya is an occasion that draws people to invest in the most profitable asset classes. With real estate providing high returns over the long-term period, Akshaya Tritiya is considered as the most auspicious R
Investment in gold as an asset class acts as a hedge against geopolitical uncertainty, store of value or inflation hedge, and benefits in case of rupee depreciation.
The Indian gold market has been on a roller coaster ride in the last few months but things are improving.
May started off well with Akshaya Tritiya weekend bringing in some sales growth for Tanishq, Titan said in its quarterly update to exchange BSE.
After the company posted its fourth quarter earnings, Titan said it is targeting 15 percent plus growth in fiscal year 2017.
After the bullion market remained lull for months, jewellers on the occasion of Akshaya Tritiya today are hopeful of a 10 percent rise in sales.
Online retailers including Amazon and Bluestone are betting big on gold and diamond sales and expect a big boost to their business on 'Akshaya Tritiya', considered an auspicious day for buying precious metals.
Occasions like, Dhanteras, Diwali and Akshaya Tritiya are considered auspicious to buy valuables like gold in India.
India's trade deficit for the month of May came in at a three-month low at USD 10.41 billion, marginally lower than USD 10.99 in April. Imports for the month too came in at a three-month low.
Globally, gold in Singapore, which normally sets price trend on the domestic front, fell by 0.3 per cent to USD 1,192.29 an ounce.
According to BA Ramesh, joint managing director, Thangamayil Jewellery with the gold prices coming down in the recent past, the sales so far have been good. People prefer buying gold jewellery than coins, says Ramesh.
However, token buying by retailers in the spot markets on the auspicious occasion of "Akshaya Tritiya" day limited the losses.
Achiievers has recommended to sell MCX Gold June at Rs 26900 for the target price of Rs 26780-26650 with a stop loss of Rs 27080 , in its research report dated April 21, 2015.
According to Victor Thianpiriya, commodity strategist, ANZ Research, gold will still make a positive investment over the next two -three years and global gold prices could head to USD 1100 per ounce levels over the next few months.
It‘s difficult to predict when and at what levels gold prices could bottom and start rebounding, but it‘s good to remember that the main reason to own gold is just the sheer fact that it is one of the good portfolio diversification tool and thereby helping you to reduce overall portfolio risk
According to Emkay, Gold prices can now rally towards Rs 27050/27125 areas. Traders who are holding long positions from lower levels should continue to do so for upside levels mentioned above. Intraday dips and reversals from lower levels should be bought by day traders, says the report.
On the occasion of Akshaya Tritiya, our advice to investors would be to buy gold in a staggered manner rather than concentrate all your purchases at one go. One should take the benefit of value cost averaging to invest in gold, says Angel Commodities.
India, the second biggest consumer of the yellow metal globally, imported 95 tonnes of gold in September ahead of festivals like `Akshaya Tritiya' and Diwali, which see huge rush of consumers at jewellery outlets across the country.
The actively traded gold contract for June delivery on the Multi Commodity Exchange (MCX) was 1.28 percent lower at Rs 25,505 per 10 grams at 0904 GMT, after hitting a low of Rs 25,373, a level last seen on April 18.
BSE Sensex lost over 400 points on profit booking. ITC was the biggest loser. The stock has rallied more than 20 percent in last one month. Nifty was down 100 points breaking 6000 mark on the downside.
Buying gold is a popular activity on auspicious day of Akshaya Tritiya, which is regarded as a symbol of wealth and prosperity.
Gold fell more than 1 percent on Monday, holding near its weakest level in two weeks, as the dollar firmed against other currencies on signs of an improving US job market and as holdings in exchange-traded funds slipped again.
MMTC Ltd expects its gold jewellery and silver sales to double to Rs 30 crore during the Akshaya Tritiya festival.
For most of us Akshaya Tritiya would be an ideal occasion to buy gold, but experts predict further correction in gold prices going ahead. From strictly a financial point of view, experts feel it doesn't make much sense to buy gold at current levels.
India, the world's biggest buyer of the metal, will celebrate Akshaya Tritiya on May 13, the biggest gold-buying festival after Dhanteras. The wedding season is on and will continue through July.