“Gold Prices Surge on Akshaya Tritiya 2023: Will It Affect Demand? A Look at the 20-Year Price Hike”

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Akshaya Tritiya is an important festival celebrated annually by Hindus and Jains in India. The festival falls on the third lunar day of the Hindu month of Vaishakha, which typically occurs in late April or early May. “Akshaya” means “eternal” or “never diminishing,” and “Tritiya” means “third.” In Hindu mythology, the day signifies the beginning of Lord Vishnu’s mission to restore order to the world by incarnating as Parashurama and eliminating evil.

Akshaya Tritiya is not only a religious festival but also a day associated with wealth and prosperity. Hindus believe that any good deed or auspicious activity performed on this day brings good fortune and blessings. It is a popular day for starting new ventures, making important purchases, and even getting married. The tradition of buying gold on Akshaya Tritiya is also linked to the idea of wealth and prosperity. Gold is seen as a symbol of wealth and is considered a safe investment in Hindu culture. Buying gold on this day is believed to bring good luck and ensure future prosperity.

Gold prices tend to rise during Akshaya Tritiya as people buy gold jewelry or coins. In India, about 25-27 tonnes of gold is sold on the day. Investors also buy Gold ETF units on the day. In the past 20 years, gold prices have appreciated significantly, with a staggering 970% increase between 2003 and 2023. In 2003, the price of 10 grams of gold was Rs 5,656, and in 2023, it reached an all-time high of Rs 61,000. From Akshaya Tritiya 2019 to 2023, the price of 10 grams of gold has almost doubled.

Gold prices have risen sharply between 2022 and 2023 as investors seek refuge in the relative safety of the precious metal due to inflation cutting into returns of almost all other asset classes. From Akshaya Tritiya 2022 to April 22, 2023, the price of 10 grams of gold has increased from Rs 50,808 to Rs 61,000. Therefore, Akshaya Tritiya is an auspicious day for Hindus and Jains to invest in gold and seek prosperity.

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