24 Apr Akshaya Tritiya- a symbol of hope, prosperity and abundance
Akshaya Tritiya falling on April, 26, 2020 is considered to be a highly auspicious day across some parts of India. It is also known as ‘Akha Teej’, an annual spring festival of Hindus and Jains. The Sanskrit word ‘Akshaya’ comprises of ‘A’ (not) and ‘Kshaya’ (erode), which means something which does not diminish or decay. To make the occasion, Indian’s like to buy gold in any form (jewellery, coins etc.) as it is considered to be something whose value doesn’t erode. We can understand the significance of the day by the fact that Indians bought 23-tonnes of gold on the occasion on Akshaya Tritiya last year. Gold has always been an integral part of Indian society; it is considered to be a foundation of wealth and savings here. As a matter of fact, India accounts for nearly one-third of the total world demand for Gold.
But this year, Akshaya Tritiya will be different due to the COVID-19 induced lockdown. It will not be possible for individuals to visit the store to buy gold coins or jewellery. But that doesn’t mean we don’t follow customs, this Sunday, people have an option to buy digital gold and make the day auspicious as they have done for so many years. There are various forms of online gold such as gold ETFs (Exchange Traded Funds) and Sovereign Gold Bonds that can be purchased.
- Sovereign Gold Bonds: Sovereign gold bonds are tradable government securities issued by the Reserve Bank of India. Their prices are linked to the value of the underlying asset-gold.
- Gold Exchange Traded Funds (ETFS): Gold ETFs are exchange-traded fund (ETF) which aims to track the domestic physical gold price.
|Physical Gold||Gold ETFs||Sovereign Gold Bonds|
|Collateral for loans||Accepted||Not accepted||Accepted|
|Safety||High (risk of theft)||Low||Low|
|Returns||Appreciation in gold price||Appreciation in gold price||Appreciation in gold price + interest|
Another option can be of purchasing Digi-gold on the True Balance app. It offers a very easy way to buy digital gold, allowing app users to purchase gold in units of both rupees and grams. Once purchased, the digital gold balance of the user is reflected on the True Balance app, which can then be bought or sold 24*7 through the app. Mode of payment for this gold can be across payment gateways, gift cards, UPI and free points.
This Akshay Tritiya, let us continue the tradition and bring in abundance and prosperity to our lives.