Planning Gold Shopping in 2024: Best Days to Buy Gold

Gold's significance in India extends beyond its monetary worth. It is an essential component of Indian society and customs due to its profound emotional and cultural value. Gold's sentimental worth is further increased by the fact that it is frequently handed down as heirlooms through the generations. In Indian culture, it's also common to give gold as a gift to newborns or on significant occasions. Furthermore, temples and gods are embellished with gold decorations, demonstrating the importance of gold in religious ceremonies and rituals. Gold is important to India's economy in addition to its cultural value. A sizable section of the populace invests in gold as a means of saving money and protecting their riches, making the nation one of the biggest consumers of gold in the world. India's gold market is dynamic and ever-changing, with a number of factors influencing demand and prices, including weddings, festivals, and the state of the economy. Consequently, employment, commerce, and the nation's general economic growth are all significantly impacted by the gold sector. This article explains the best days to buy gold in India.

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Table of Contents

Why Indians Prefer Buying Gold on Auspicious Days

A Complete List of the Best Days to Buy Gold in 2024

Conclusion

Most Asked Questions

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Why Indians Prefer Buying Gold on Auspicious Days

India is a country known for its religious devotion and festivities. During significant events like wedding ceremonies and Dhanteras, the price of gold increases. In addition to increasingly becoming a very reliable source of investment, gold is considered to promise success and plenty. Furthermore, it is considered auspicious in texts and mythology. Therefore, gold's hallowed status is deeply ingrained in Indian culture.

A Complete List of the Best Days to Buy Gold in 2024

India is known for its festivals, and during important events like weddings, Diwali, Gudi Padwa, and Dhanteras, the price of gold increases. The following list of shubh muhurats (auspicious events) or the best days to purchase gold in 2024 is based on the Hindu calendar:

Auspicious Occasion	Dates
Pushya Nakshatra	25 January, 21 February, 19 March, 16 April, 13 May, 9 June, 7 July, 3 August, 30 August, 26 September, 24 October, 20 November, 18 December 2024
Makar Sankranti	15 January 2024
Gudi Padwa	9 April 2024
Akshaya Tritiya	10 May 2024
Navratri	9 April to 17 April 2024  3 October to 11 October 2024
Dussehra	12 October 2024
Dhanteras and Diwali	29 October & 1 November 2024
Balipratipada	2 November 2024

We will now highlight the reasons that make these occasions preferable for gold buying in India:

Pushya Nakshatra: The eighth day following the new or full moon is Pushya Nakshatra. It is among the finest days of the week to purchase gold because it is one of the most auspicious days in the Hindu calendar. It is referred to as Guru Pushya Amrit Yoga and is even more spectacular if the Pushya Nakshatra falls on a Thursday.

Makar Sankranti: It reigns first among harvest celebrations. Makar Sankranti, which is primarily observed on January 14, has pan-Indian importance. It marks the beginning of the harvest season. The sun is reported to shift northward during Makar Sankranti. We call this Uttarayan. When purchasing gold during Makar Sankranti, you can take advantage of fantastic deals and discounts.

Hindu New Year: In India, there are numerous names for the Hindu New Year. It is known as Gudi Padwa in Maharashtra and Ugadi in Andhra Pradesh, Karnataka, and Telangana. The festival is called Baisakhi in Punjab and Onam in Kerala. At this time, people purchase gold in hopes of wealth and a successful future.

Akshaya Tritiya: According to the Hindu calendar, the month of Vishakha is when Akshaya Tritiya occurs. Akshaya is a word that means never-ending, eternal, or limitless. Similarly, it is thought that investing in gold at this time will bring you unending wealth and prosperity.

The festival of Navratri: The nine-day festival of Navratri is devoted to the adoration of the goddess Durga. A different version of Durga is worshipped during each of the nine days. During Navratri, Indians purchase gold for both wedding celebrations and good fortune. The price of gold is likely to increase throughout this period.

Dussehra: It is when Navratri comes to an end. The triumph of good over evil is symbolised by Dussehra. On this day, Durga slew the demon Mahishasura, and Lord Ram vanquished Ravana.

Dhanteras: One of the most significant days for purchasing gold is Dhanteras, which also signifies the start of Diwali. The devotion of the goddess Lakshmi is its main focus. On Dhanteras, families ask Goddess Lakshmi for her blessing. It is among the nation's busiest days for gold sales.

Balipratipada: Mythology states that King Bali made his earthly comeback on this day. Purchasing gold during Balipratipada, which is observed near the conclusion of Diwali, is regarded as auspicious. During this time, people purchase gold for prosperity, wealth, health, and peace.

Conclusion

Since gold is a secure investment that often yields guaranteed returns, it is seen as an auspicious commodity to purchase in India. For people, it is also emotionally and spiritually significant. You can choose the days or months that best suit your needs and desires in terms of money, depending on the Hindu calendar. Before determining the ideal time to purchase gold, it is also critical that you take into account your financial objectives, budget, and market conditions.

FAQ

Q1. Which day is best to buy gold in 2024?

A number of days are seen to be favourable for purchasing gold. The ideal time to buy gold depends on factors such as your goals, budget, and the state of the market.

Q2. What is the best month to buy gold?

To decide when to purchase gold, you must first research the markets. The second step in making a purchase is to evaluate your personal objectives, priorities, and purchasing power.

Q3. Which day is lucky to buy gold?

Numerous holidays, like Dhanteras and Dussehra, are seen as lucky times to purchase gold. Before making an investment in gold, you need to conduct a thorough investigation. A well-informed choice will result in favourable outcomes.

Q4. Which day should we not buy gold?

To determine whether you should or shouldn't purchase gold, you must research the markets. Your purchase should be in line with your priorities because gold prices can fluctuate over time. You should avoid purchasing anything that is overpriced as an investor.

Q5. Is Monday a good day to buy gold?

To make the best choice, you must research the state of the market. Your ambitions and objectives must be in line with the purchase you make.

Q6. Is Tuesday a good day to buy gold?

You must make a decision based on your objectives and the state of the market. Your objectives will determine the best time and quantity to invest.

Q7. Is Wednesday a good day to buy gold?

To determine whether purchasing gold would be the best course of action, you will need to look at the current gold prices. To create a choice, you must comprehend your objectives.

Q8. Is Thursday a good day to buy gold?

Being one of the most auspicious days in the Hindu calendar, it is also one of the best days of the week to buy gold. It is known as Guru Pushya Amrit Yoga, and if the Pushya Nakshatra happens on a Thursday, it is even more amazing. Among harvest celebrations, it is the most popular.

Q9. Is Friday a good day to buy gold?

You must determine whether investing in gold would help you reach your objectives based on your goals and budget. You also need to research gold market pricing.

Q10. Is Saturday a good day to buy gold?

To determine whether to purchase gold, you must consider your objectives, financial constraints, and current gold market prices. In the end, every investment can be profitable if it is properly planned.

Q11. Is Sunday a good day to buy gold?

You can get the best decision by researching gold market prices and your own objectives. A well-planned investment will yield favourable outcomes.

Q12. Can I sell gold on a Friday?

Yes, gold can be sold on Friday. There are no limitations on Friday's gold sales.

Q13. Is it good to buy gold on Diwali?

It is considered lucky to purchase gold on Diwali. Before making a purchase, you must take your personal needs, wants, and market prices into account.

Q14. Is it auspicious to buy gold on Akshaya Tritiya?

When purchasing gold, Akshaya Tritiya is seen as auspicious. You can purchase gold for auspicious reasons after researching your personal objectives.

Q15. How can I avoid paying tax on my gold shopping? 

Under Section 54F of the IT Act, 1961, you can seek a tax exemption on long-term capital gains from the sale of gold assets in order to avoid paying taxes.

Q16. Is KYC mandatory while buying gold?

India has committed to the Financial Action Task Force (FATF) by requiring cash transactions for gold purchases exceeding Rs. 10 lakh to undergo Know Your Customer (KYC) procedures. Aadhaar and PAN cards are acceptable forms of identification for the required KYC.

Q17. How much gold is not taxed in India?

Up to 500 grams of gold is permissible for married women. Up to 250 grams of gold can be owned by an unmarried woman.

Q18. What Are the Best Days to Buy Gold in 2024?

Auspicious days like Akshaya Tritiya, Dhanteras, and Makar Sankranti are traditionally considered the best times to buy gold in 2024.

Q19. Why Is Akshaya Tritiya a Popular Day for Gold Shopping?

Akshaya Tritiya is believed to bring prosperity and good fortune, making it a favored day for gold purchases in India.

Q20. Is Dhanteras the Best Day to Invest in Gold?

Yes, Dhanteras is highly regarded for gold shopping as it marks the beginning of wealth and prosperity during Diwali.

Q21. How Does Gold Price Fluctuate on Auspicious Days?

Gold prices may slightly increase due to higher demand on auspicious days like Akshaya Tritiya and Dhanteras.

Q22. Are There Non-Festival Days for Buying Gold in 2024?

Yes, buying gold on dips during global market corrections or after U.S. Federal Reserve announcements can be beneficial.

Q23. What Is the Best Month to Buy Gold in 2024?

Historically, months like January and July often see lower gold prices, making them ideal for purchases.

Q24. How Do I Plan My Gold Shopping for Festivals?

Research current gold prices, compare deals, and shop a few days before festivals to avoid price hikes.

Q25. Should I Buy Gold Online or In-Store in 2024?

Both are good options. Online purchases offer convenience, while in-store shopping allows you to verify quality in person.

Q26. Is It Better to Buy Gold Coins or Jewelry in 2024?

For investment, gold coins or bars are better as they have lower making charges compared to jewelry.

Q27. How Can I Track Gold Prices Before Shopping?

Use reliable apps or websites to monitor gold prices daily and make informed decisions for your purchase.