Akshaya Tritiya 2024: The festival of Akshaya Tritiya is on Friday 10 May 2024. Investing in gold on this day is considered very auspicious. In the year 2024 and in the last several years, those who invested in gold on the occasion of Akshaya Tritiya have made huge profits. On the occasion of Akshaya Tritiya, Zerodha Fund House has released a report regarding the special features of this auspicious day and the possibilities of investing in gold. Zerodha says that Akshaya Tritiya falling on 10th May has cultural and religious significance in India and prosperity begins from this day.
Gold investment options
Zerodha said that there are many options for investing in gold which include Physical Gold, Sovereign Gold Bonds, Digital Gold and Gold ETF. When people consider the option of investing in gold, liquidity, storage cost, taxation, safety and investment period are very important in their mind.
Strong surge in investment in Gold ETF
Zerodha Fund House said that after analyzing the period between 2019 to 2023, it is found that due to increase in investment in gold ETFs, there has been a huge jump in AUM. Investment in Gold ETFs was Rs 5527.86 crore in December 2019, which increased by 150 percent to Rs 13,819.39 crore in December 2020 during the Corona period. Investment in gold ETFs has been continuously increasing since then. By December 2023, the AUM of Gold ETF has increased to Rs 25,959.02 crore, which is 27.29 percent more than December 2022 and 87.84 percent more than December 2020.
Benefits of investing in gold ETF
Vishal Jain, CEO, Zerodha Fund House, said, investing in gold ETFs offers unique benefits in which liquidity, cost-effectiveness and security are paramount. He said that by investing in Gold ETFs of Zerodha Fund House, investors can enjoy the flexibility of investing in gold on the stock exchange without the hassles of storage, purity concerns and insurance associated with physical gold.
Prices increased by 13 percent since last Akshaya Tritiya
From Akshaya Tritiya of the year 2023 till the festival of Akshaya Tritiya this year, there has been a strong rise in the prices of gold. Regarding the gold sold on the occasion of Akshaya Tritiya, Colin Shah, MD of Cama Jewelery said, the price of gold has increased by 13 percent since last year's Akshaya Tritiya. A bullish pattern is visible in both the price and demand of gold. He said that on the auspicious occasion of Akshaya Tritiya, investment in safe-haven like gold is related to people's sentiments and on this Akshaya Tritiya too, there will be a strong increase in the purchase of gold.
Colin Shah said that there is a lot of change in the way today's young buyers buy gold. People who are buying for investment are investing in gold on a large scale for decoration purposes and the share of this trend is increasing. Motilal Oswal has also predicted in its report that gold will rise to Rs 75,000 per kg and silver to Rs 1 lakh per kg in 2024.
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