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Buy Gold on Akshay Tritiya

21 April 20232 mins read by Angel One
Gold has been a long-term portfolio diversifier, reflecting higher returns this Akshay Tritiya. Despite 2022's poor performance, 2023 shows a 7.5% YTD return on the MCX and 8% return in Spot Gold.
Buy Gold on Akshay Tritiya
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On the occasion of Akshay Tritiya (22nd April 2023), buying gold is considered to be auspicious and our advice to investors is to accumulate gold this festive season as the fundamental factors surrounding gold might reflect higher returns from a long-term perspective.

Gold has been a portfolio diversifier in long term time frame as the returns in gold balances the overall risk reward for any investor. Gold returns in 2023 YTD as on 17th April 2023 stood at 7.5% on the MCX and 8% for Spot Gold in international markets. However, the return in 2022 was not in favor of investors in dollar terms (-0.2%), despite the global uncertainty, the global equities fared better and the year 2022 neither experienced recession, defaults or bankruptcies or large scale lay offs.

On the MCX, the dollar rupee equation (rupee depreciation of around 11%) saved the investors, as gold futures were up by around 15 percent in 2022.

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