This Akshaya Tritiya don't buy gold
We Indians love gold. It is more than jewellery. It is an investment that helps beat inflation. It is a security that can be pledged in hard times. Getting a loan against gold is much easier than getting a loan against your house or life insurance policies. Our love for the yellow metal pushed up the country's Current Account Deficit so much so that the government had to increase the import duty. The Reserve Bank of India also introduced controls making it difficult to import gold.
The price of standard 10 gm gold as on April 28, 2014 was Rs 30,300. Over a one-year period the gain in gold prices has been 10.66%. Over a three-month period the gain is a little over 1%, while over a one-month period it is almost 6% higher.
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But will the yellow metal continue to give as good returns going ahead? Given that Akshaya Tritiya, when it is considered auspicious to buy gold, is a...
