Akshaya Tritiya and gold investments

Akshaya Tritiya is one of the most auspicious days according to the Hindu calendar. It is believed from the puranas that a good deed done on Akshaya Tritiya earns merit (punyam) for life.  The religious merit that is obtained by good deeds on this day is considered inexhaustible.  Starting new ventures and buying valuables on this day are considered lucky and are believed to bring success and wealth. 

These days, purchase of gold jewellery has become synonymous with akshaya tritya, especially the gold coins with the picture of goddess Lakshmi-inscribed on it.  The very meaning of the word "Akshaya" which in Sanskrit means undiminishing encourages people to buy more wealth on this day. 

But the harsh truth about this festival is, "A few years back only a few devout Hindus were aware of the festival and performed pujas, chose the day to conduct marriages and begin new ventures. Most others did not even bother about Akshaya Tritiya. In fact, very few people knew about it." 

The marketing managers of jewellery shops did a very good job in making the festival popular and earning themselves a fortune.  In India, nothing sells like spirituality.  The festival became widely celebrated in the recent years and more and more people started buying gold with a little advertisement and offers. 

More and more investors as well are also turning to buying gold on this day. In their words, "With the volatile markets, gold is the best investment currently on the offer".  This is a favourable trend, say the economic gurus.  More and more house holds are stocking considerable amount of gold.  A famous investment analyst, Dr. Marc Faber commented that gold is a safe haven for investors considering high oil prices and unpredictable economic policies of various countries.  Akshaya tritya just proves to be another reason for people chosing this particular day for investing in gold. 

Every year there is a clear spike in the sales of gold on this particular day, infact a manifold increase, say the gold merchants.

Vadivu, a housewife, had this to say when I asked her about Akshaya Tritya, "I've a daughter who'll get married in a couple years time and i should get a good collection of jewellery for her by the time of her wedding.  The offers that are available on the purchase of gold on this day is more encouraging to buy jewels than the actual spiritual significance of the day."

It might not pleasing to hear but the hard truth is the fact that economic significance of the day matters more than the spiritual significance for most people in the recent times but nevertheless buying gold is proving to be a favorable scenario for the economic situation of the country as a whole.

- Arvind, Student Intern, Parihara.com