Is Akshaya Tritiya an auspicious time to buy gold or yet another marketing ploy

Despite reaching the highest price point, India’s gold purchase saw a 40% hike in the last week during the occasion of Akshaya Tritiya. The launch of new designs, discounts, and a mountain of offers from brands seemed to have had an impact on attracting buyers.

Akshaya Tritiya is viewed as an auspicious day by Hindus. Derived from the Sanskrit term, Akshaya means never diminishing. With this belief of receiving abundance in the direction, they step into on this day. People believe in making an investment in things or starting a new endeavor.

Is AKSHAYA TRITIYA A MARKETING TACTIC?

A couple of years ago, people were not aware of the auspicious day itself, or most people would ignore it due to affordability issues but over the years, the clever marketing that spread the word “bring Lakshmi to your home.” and the astrology significance has given a great deal of attention to the day attracting crowd to make a purchase.

As the Akshaya Tritiya season approaches, brands gear up to bring exciting offers and new collections to the market to maximize sales by persuading people to purchase gold. Most jewellery stores bring out exclusive pieces for the occasion itself to encourage the purchase of gold.

Why You Shouldn’t Buy Gold on Akshaya Tritiya

Although Akshaya Tritiya is a great occasion for new beginnings and new investments, it is suggested by most investors stay away from gold during this period as the gold rates go up the bar.

Yes, purchasing gold is a smart financial move other than its grace to the vanity, but in the name of an occasion, you do not want to burn your savings by spending almost 20% more than what you would actually be paying.

Summing It Up

Gold is an excellent investment choice, and investing at the right time would maximize your returns, helping you make long-term gains, but falling into the traps of smart marketing tactics and purchasing when the price is at its peak does not only burn your savings but might also be not as valuable as you expect it to grow and can be a bad decision for your portfolio.

Hence, always make a smart investment move, whether it is in precious metals or in the stock market or real estate.