The best days to buy gold in 2024 are primarily driven by traditional festivals and auspicious occasions. Makar Sankranti in January marks the beginning of the harvest season and is considered a lucky day for investments. Vasant Panchami in February is another auspicious day dedicated to Saraswati, the goddess of wisdom. Akshaya Tritiya in May is especially significant as it is believed that any investment made on this day will be fruitful. Other notable days include Ganga Dussehra in June, Raksha Bandhan in August, and Dhanteras in November, which is part of the Diwali festivities. Each of these days is rooted in cultural beliefs and is traditionally seen as a propitious time to purchase gold, ensuring good fortune and prosperity.
How to determine the right time to buy gold?
Determining the right time to buy gold involves both market analysis and cultural considerations. On the market side, it is essential to monitor gold prices, economic indicators, and geopolitical events that can influence the value of gold. Keeping an eye on inflation rates and currency fluctuations can also provide insights into the best times to buy. Culturally, many people prefer to buy gold on auspicious days, such as festivals and religious occasions, believing it brings good luck. Combining these approaches, you can make an informed decision by buying gold when the market conditions are favourable and aligning your purchase with culturally significant days to maximise both financial and traditional benefits.
Common myths about buying gold
There are several myths surrounding the purchase of gold. One common misconception is that gold always provides guaranteed returns. While gold is a relatively stable investment, its value can fluctuate based on market conditions. Another myth is that buying gold in large quantities is always better. However, it is essential to diversify investments rather than putting all funds into gold. Some believe that buying gold only during auspicious days ensures higher returns. While cultural significance can add sentimental value, it does not necessarily affect the financial outcome. Lastly, many think that gold jewellery is a good investment. In reality, the resale value of gold jewellery is often less than its purchase price due to making charges and design depreciation.
How buying gold on auspicious days affect gold loans and gold loan interest rate?
Buying gold on auspicious days can positively impact your financial decisions, especially regarding a
loan against gold. When gold is purchased on culturally significant days, it often holds sentimental value, which can provide a sense of security when opting for a gold loan.
Additionally, the emotional value attached to such gold can lead to more careful financial planning and management. However, the
gold loan rate itself is not directly affected by the day of purchase. The interest rate for a gold loan is determined by factors such as the prevailing market rates, the loan amount, and the tenure of the loan. While buying gold on auspicious days may not lower the gold loan interest rate, it can instil confidence and a positive mindset in borrowers, leading to better financial outcomes.
