Akshaya Tritiya 2020: Should you buy gold amid COVID-19 crisis?
Akshaya Tritiya 2020: The country is set to celebrate Akshaya Tritiya under unusual circumstances this year. The festival is falling on April 26 – Sunday – in the middle of the ongoing coronavirus lockdown.
Akshaya Tritiya 2020: The country is set to celebrate Akshaya Tritiya under unusual circumstances this year. The festival is falling on April 26 – Sunday – in the middle of the ongoing coronavirus lockdown. This is the day when most people gear up to buy gold and other precious metals and pray to the Almighty for his blessings.
Why is Akshaya Tritiya 2020 significant?
Akshaya Tritiya is celebrated on the third day of brighter half in lunar month Vaishaksha. According to the legend, it was on Akshaya Tritiya that sixth incarnation of Lord Vishnu - Lord Parshuram was born. It is also said that Lord Ganesh began writing the biggest Hindu epic Mahabharat recited by Maharishi Ved Vyas on this day.
How to buy Gold this year?
The only option for interested buyers is to purchase gold online as all the physical shops remain closed. The sales are expected to be on the lower side with restrictions in place.
“This year Akshaya Tritiya is falling in an exceptional crisis period and shall definitely see lukewarm sales. The impact of lockdown and economy stagnation is looming on sale. But thanks to digital innovation in the field of sale and timely steps taken by our Company, we expect to tide over a major blow,” Vidit Garg, Director, Kundan Group explained.
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He said that the company is conducting its sale online and getting good response with an assurance to deliver the underlying goods, once the lockdown is over.
“Considering the decent response we are expecting to achieve at least 50 % sales as achieved last year. Bulk buyers are also evidencing good interest as good payment terms are offered to them,” he said,
Should you buy?
You can buy different forms of gold this Akshaya Tritiya. However, it is important to know the price of yellow metal before making the purchase. Gold prices in India inched higher Friday, extending gains to the third day.
On MCX, June gold futures were up 0.2% to Rs 46,511 per 10 gram. In the previous two sessions, gold prices had rallied about Rs 1,300 per 10 gram. Domestic gold prices have remained choppy after hitting a record high of above Rs 47,000 per 10 gram last week, tracking volatile movement in global markets.
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