Akshaya Tritiya or Akha Teej is one of the most auspicious days in the Hindu calendar. It is celebrated on the third day of the bright fortnight of the Hindu month of Vaishakh or Vaisakhi. It is a day that is believed to bring good luck and prosperity to its followers.
It is believed that any venture started on this day will bring success. On this day, people across India buy gold, silver and other precious metals as an investment.
Why do people buy gold on Akshaya Tritiya?
Akshaya Tritiya is considered to be an auspicious day for buying gold and other precious metals for investment purposes. Hindus consider gold to be a symbol of wealth, prosperity and power and so it is believed that buying gold on this day will bring them luck and good fortune. Gold is also seen as a hedge against inflation and a way to protect wealth during times of economic downturn.
Gold is also seen as a symbol of faith and purity in Hinduism. Hindus believe that gold is a form of god and so it is considered to be a very pious and auspicious metal. As a result, people often buy gold on Akshaya Tritiya to show their devotion to the divine.
Moreover, gold has been used as a form of currency in India since ancient times. Gold coins were used as currency in India even before the introduction of paper money. Thus, buying gold on Akshaya Tritiya is seen as a way to invest in a tangible asset that can be used to store wealth.
What are the different ways to invest in digital gold?
There are several ways in which one can invest in digital gold in India. The following are some of the most popular ways to invest in digital gold:
Gold ETFs are a form of mutual funds that follow the price of gold. Investors can purchase units of the ETF to gain exposure to gold. The ETFs are backed by physical gold stored in secure vaults, providing a secure means of investing in gold. Gold ETFs are an excellent way to diversify portfolios and gain exposure to gold without incurring the costs of storing physical gold.
Sovereign gold bonds
Sovereign gold bonds are a type of debt instrument issued by the RBI on behalf of the Government of India. These bonds help investors park their money in a safe and convenient way in gold without having to worry about storage issues. The bonds are denominated in grams of gold and carry a fixed rate of interest. On maturity, investors are paid the equivalent of the face value of the bond in rupees, along with the applicable interest.
Gold trading platforms
Gold trading platforms enable investors to purchase and sell gold easily and securely. By utilizing these platforms, investors can store gold in their demat account and buy and sell digital gold units with ease. These platforms offer a convenient and cost-effective way to invest in gold, allowing investors to take advantage of the metal's price fluctuations.
Gold mutual funds
Gold mutual funds are a type of mutual fund that invests in gold-related securities. They are managed by professional fund managers who strive to maximize returns from the gold market. The performance of these funds is linked to the gold market, and investors can expect to benefit from gains in gold prices.
Digital gold is a convenient and efficient way to invest in gold. Investing in digital gold eliminates the need to store physical gold and allows investors to buy and sell gold at their convenience.