Akshaya Tritiya 2023: Is gold a good investment option at present?

Akshaya Tritiya is celebrated on the third day of the month of Baisakh. This year, it will be observed on April 22.  People, much like during Dhanteras, purchase gold and jewellery on this day. As per belief, buying gold on the occasion of Akshaya Tritiya brings prosperity and success.

The auspicious timing for buying gold during Akshaya Tritiya is 7.49 am to 5.10 am, April 23.

Meanwhile, the puja tithi for Akshaya Tritiya begins at 7.49 am on April 22 and ends the next day at 7.47 am.

With the festival approaching, there is a question that bothers many — is buying gold a good investment option at present?

Not many would disagree that gold is considered a safe and reliable investment. It is often used as a safe haven asset during economic uncertainty. With the surge in gold rates in the last couple of days, ahead of the auspicious occasion of Akshaya Tritiya, investors are now wondering if buying gold this season can bring a shine to their portfolio.

Considering the recent rise in gold rates, investing in gold can provide stability and diversification to a portfolio, especially during times of market upheavals.

In a recent study on precious metals by Windmill Capital, a wholly owned subsidiary of smallcase Technologies Pvt Ltd, highlights that gold has been in focus during FY23 due to the uncertainty in the global financial markets.

"The equity markets are expected to remain volatile due to inflation and slowdown concerns, gold will continue to remain in focus as investors look to move towards safety. Usually, gold acts as a hedge against inflation and protects capital when the equity markets are in a downtrend. According to MCX, gold prices have moved up over 20 percent to Rs 60,800 as on April 13, 2023, from Rs 50, 800 as on May 3, 2022. Gold is expected to witness strong demand due to recession fears and the meltdown of economic activity in the US," Windmill Capital said.

However, it is important to note that gold prices are subject to fluctuation, and people should be cautious before investing in this asset class.

Ultimately, whether or not to invest in gold is a personal decision that should be based on an individual's financial goals, risk tolerance, and investment horizon. Those who are considering investing in gold this Akshaya Tritiya should carefully evaluate their options and seek the advice of a financial professional before making any investment decisions.