Akshaya Tritiya festival in India is celebrated as one of the most auspicious days. It is considered the new beginning by folks. Akshaya Tritiya is celebrated on the third day (Tritiya) of the Shukla Paksha (considered to be the bright fortnight) in the month of Vaishakha (May, 3) each year. 'Akshaya' in Sanskrit means inexhaustible or everlasting, which indicates unending happiness and prosperity for Indians. On that auspicious day, Indians believe that buying gold will bring prosperity to their families.
At present, Indian gold markets are showing a marginally bullish trend, as 22 carat gold rates have fallen to Rs. 48,400/10 grams, and 24 carat gold rates have fallen to Rs. 52,800/10 grams. With this drop in gold rates, retail gold sales are expected to gain and gold jewelleries will contribute largely to that. Mostly, gold jewelleries are made of 18 carat or 22 carat gold, because of better durability and firmness. Indian gold jewellers are hopeful about gold sales this Akshaya Tritiya. Investors can buy gold jewelleries, digital gold, gold ETFs, or RBI Sovereign gold bonds (SGB) on this auspicious festival.
However, the volatility in the gold markets, across the nation will remain in the first week of May, because investors are still anticipating the upcoming gold rates chart. International gold rates are mostly driven by the US Dollar index and interest rates fixed by the US Federal Reserve, the central bank of the US. Earlier, analysts were expecting a 50 bps rate hike which could plunge the gold rates globally, but a recent de-growth in the US GDP data has brought some mixed opinions about the rate hike anticipation. Investors are looking forward to the next US Fed policy meet which will be organized from May 3 to May 5.
Comex gold futures were quoted at $1896.90/oz, gaining by 0.29%, till last traded. Yesterday it was last quoted at $1891.30/oz. The spot gold prices are quoted at $1897.70/oz, gaining by 0.13%, till last traded. On the other hand, the US dollar index in the spot market stood at 103.23. In India, the MCX gold in June future was quoted at Rs. 51,760 grams, gaining by 0.97%, till last traded.