Akshaya Tritiya 2024: Gold prices dip a bit ahead of festival — is this the right time to buy precious metal?

In India, Akshaya Tritiya, observed this twelvemonth connected May 10, is traditionally regarded arsenic an auspicious juncture for purchasing gold. Despite the caller uptrend successful golden prices, experts foresee beardown buying enactment during this period.

Also read: Catch the glitter: Silver up 11% YTD connected import volume, apt to outshine golden successful near-term; How should you invest?

Ahead of the auspicious occasion, the precious metallic terms declined by ₹150 to interaction ₹72,300 per 10 grams connected Wednesday successful Delhi, according to HDFC Securities.

Gold terms inclination during Akshaya Tritya

According to analysts, golden prices often acquisition fluctuations during the Akha Teej festive play successful India.

“During the Akha Teej festive season, golden prices often acquisition fluctuations owed to accrued request successful the carnal market, driven by auspicious events. While golden is considered auspicious for buying during Akha Teej, existent prices astir ₹71,000 whitethorn beryllium somewhat expensive. Therefore, it is advisable to accumulate golden successful smaller denominations alternatively than making ample purchases," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

According to a study by brokerage steadfast Motilal Oswal (MOFSL), golden and metallic person seen important year-to-date gains of 13 per cent and 11 per cent, respectively, since the opening of the caller twelvemonth cycle, which commences with the auspicious juncture of Akshaya Tritiya.

Also read: When golden prices spiked, investors saw their chance

Is Akshaya Tritiya the close clip to put successful gold?

MOFSL remains optimistic astir some golden and silver, recommending purchasing of precious metals during declines, with terms targets acceptable astatine ₹75,000 for golden and ₹1,00,000 for metallic successful the home marketplace and $2,450 for golden and $34 for metallic connected the Comex exchange.

Market experts further suggested that investors should see different factors specified arsenic marketplace trends, which are a spot volatile, geopolitical events successful the Middle East, involvement complaint chopped delays, and their ain fiscal goals earlier investing successful golden during Akha Teej.

“Since home golden prices are hovering adjacent grounds highs, determination is simply a accidental of a method correction successful the contiguous run. But successful the agelong run, steadfast overseas prices, accrued carnal demand, and a anemic INR would assistance prices to clasp their bullish outlook. Hence, cautious buying successful minimal quantities is recommended astatine this Akshaya Tritiya," said Hareesh V, Head of Commodities, Geojit Financial Services.

Also read: Gold and metallic prices contiguous connected 08-05-2024: Check latest rates successful your city

Gold is considered 1 of the champion semipermanent assets, and it offers some information and decent returns to its investors. Domestic golden has much than doubled successful the past 5 years, and it gained 10 times since 2003. So, investors tin marque usage of each terms correction to adhd the metallic to their portfolio for semipermanent benefits, according to analysts.

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Published: 08 May 2024, 11:05 PM IST