Should you buy Gold for this Akshaya Tritiya?
Akshaya Tritiya is on 18 April. Gold bought on this auspicious day 10-20 years ago has earned double-digit returns. But returns have diminished in recent years and the metal is no longer a hedge against inflation.
Given Indians’ general love for gold, this lack of interest might seem surprising as the festival, on the coming Wednesday, is considered an auspicious occasion to buy gold.
However, for those looking to earn from gold, this is a wrong time. “All the fundamental factors are negative. For instance, the dollar might gain, as the US Federal Reserve is likely to start raising interest rates. The euro economies are also expected to do well. If global economies do well, risk assets like equities will do well, rather than risk-averse commodities like gold. There are not much upside for gold prices,
As you can see in the graph above, gold had a tough time in the second-half of 2016, for a variety of reasons. During this period, gold prices fell lower than where it was on the day of Akshaya Tritiya.
Tough Time for Precious Yellow Metal
There is nothing wrong with buying gold on Akshaya Tritiya. However, that’s to be symbolic in nature. You can’t make serious investments which will have long-term implications, just based on your faith and beliefs. Follow an agnostic’s approach with your investments instead
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