- A few astrologers claim this Akshaya Tritya is not a good day to buy gold
- But Puranas say, the day is one of the auspicious days in the Hindu calendar
- Despite rumours, jewellery shops expect to make good business
Akshaya in Sanskrit means something that does not diminish or stays eternal. And buying gold has always been associated with the auspicious day and that explains the value of the yellow metal – on this particular day.
Advance bookings are made with dates blocked irrespective of the gold rate on that particular day or some buy it on Akshaya Tritiya itself. Since this year, the festival falls on Friday, there is a huge rush to buy gold as Friday is associated with Goddess of wealth, Lakshmi. Jewellers say several thousands of people have already pre-booked their orders to beat the rush on the day, especially because it falls on a weekend holiday this time.
There were reports early this week which said that why buying gold could be a bad idea this time. The reports quoted a few astrologers who pointed fingers towards the Hevilambi Nama Samvatsara.
According to these reports, Mars (Mangal) is the king of this Vedic year, Hevilambi Nama Samvatsara and this could create a sense of anxiety in every aspect of life. Besides, since the future appears wobbly – as many astrologers have predicted conflict across the border – it would be ideal not to invest in the gold, they claimed. Television channels too ran series of programmes on these lines urging people to desist from splurging on gold, in particular.
Enquire about GST and buy
On the other hand, the price of gold may fall in the bullion market given the monetary policies of United States and our very own GST rule. According to a report in DNA, gold prices haven't moved much since last Akshaya Tritiya in 2016. As on April 26, the gold rate stood at Rs 2,792 for 22 carat and Rs 2,982 for 24 carat.
Although GST will come into effect from July 1, one must restrain from buying gold this time. For, under GST, about 18 per cent of tax will be levied on gold ornaments. But jewellers will not get input credit on gold if procured through melting of used ornaments. So, the jeweller will prefer to pass on the loss to customers. This certainly discourages customers from making any realisation through used jewellery, reports Business Standard. So, think twice before you buy gold this Akshaya Tritiya.
Wobbling rupee against dollar
Although, we prefer to make the investment in gold, one must know that gold is an asset that is traded in US dollar. This means your investment is indirectly dependant on the dollar-rupee equation.
But, is it really that bad?
“This is not true. It is akin to say that Deepavali is not good. For that matter, can any festival day be bad," asks YS Ravikumar, president of State Jewellers' Association President.
The Association has already issued clarifications through the media to quell any confusion with regards to buying gold. "But we are not aggressively promoting on the importance of buying gold this time. For, we cannot compel the customers to buy gold. It's a belief that buying gold on this particular day would be good and we go buy that," he adds. It is said that some jewellery shops in Bengaluru have made arrangements to perform puja to the jewellery if the customer wants.
Noted astrologer Sudarshan Rao near Jayanagar says mythology never asked people to buy gold on this day. Instead, one should have good thoughts and do good karma – like everyday – for a better and dignified life, he adds.
The Akshay Tritiya rush can be witnessed in gold and jewellery stores in Dubai as well where already some jewellers have said they have pre-bookings.Even in Kerala jewellers are gearing up for the heavy footfall this weekend.
Last Updated 31, Mar 2018, 6:58 PM