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Auspicious Days to Buy Gold in UAE

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  | Published: 07 July 2020 | Last Updated On: 18 January 2021

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Smartest investment and life plans in UAE

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Gold is one of the most selling precious metals of all time. The yellow metal has managed to maintain its value since times immemorial. Gold is not just limited to having ornamental value it is also considered a form of investment. According to Hindu mythology and culture gold is believed to bring good fortune and luck.

Very often most of us are stuck in a dilemma and unable to decide when is the best time to buy gold. There are various days that are suitable for purchasing gold culturally. If you’re wondering what are the most auspicious and best days to buy gold you’ve landed at the right place. In this thread, we will decode the most auspicious and suitable days to buy gold in the UAE.

Akshaya Tritiya: The Festival of New Beginnings

Akshaya Tritiya which is also known as the festival of new beginnings by a large number of Hindus is one of the most auspicious when it comes to purchasing gold in UAE. The occasion of Akshaya Tritiya is usually marketed by jewelers to purchase gold. According to Hindu culture purchasing gold on the occasion of Akshaya Tritiya not only brings good luck but also prosperity.

This year was an exceptional year as the entire world was battling a serious issue i.e. the novel coronavirus outbreak. While most of the stores across the UAE were closed in order to prevent the spread of the novel coronavirus, the majority of outlets came up with the option of buying gold online.

Dhanteras

Another important Hindu occasion that is considered auspicious for purchasing gold is Dhanteras. The festival of Dhanteras falls one day before Diwali which is one of the main Hindu festivals. Hindu followers believe that purchasing gold during Dhanteras brings prosperity and serenity. As mentioned earlier this year is a bit different from the normal years due to the COVID-19 outbreak.

The gold prices have risen substantially in comparison to 2019 as funds and central banks have started to accrue the precious metal as a preventive tool against inflation and market instability. For the majority of buyers purchasing gold on Dhanteras means getting offers and discounts.

To cater to the massive demand most of the jewelry shops and sellers come up with discounts and special designs.

One of the most common offers that are available at most of the jewelry outlets is the booking purchase ahead of the Dhanteras day. By making use of this offer customers are not affected by an increase in the prices of gold. Apart from this some of the stores offer free gold coins based on the amount of gold purchased. Typically, these stores offer one or half a gram of gold coins on the purchase of AED 3000.

Furthermore, some of the outlets and gold souks encourage gold exchange with a zero percent deduction over the value of gold that is exchanged for new goods. Not only gold exchange but customers purchasing gold on Akshaya Tritiya have the option of bargaining on the making charges of these precious ornaments.

A large number of financial institutions such as banks and credit card providers collaborate with jewelry stores to provide special offers during the auspicious occasion of Dhanteras followed by Diwali.

Tips to Buy Gold on Auspicious Days

As mentioned earlier gold is not just limited to an ornamental metal but is also considered as a form of investment for a large number of people. The high liquidity and inflation combating abilities of gold make it an important form of investment for numerous people residing in the UAE. While purchasing golf there are some important points that are to be kept in consideration.

1.     Stone Work

Very often we are tempted to purchase ornaments that are studded with precious stones on them. The glitch in the matrix here is that customers end up paying the price of gold for stones as well. In order to save money on gold purchases, customers should try and purchase jewelry that has less stonework on it. This way they not only end saving money but the ornament they purchase has more gold on it instead of any sort of stone.

2.     Designs and Style

If your objective of purchasing gold is an investment then try and avoid exquisite designs as will do nothing but add on to the making charges. When you purchase gold a part of the price is for the gold and the second includes the making charges. A ring with a simpler design will cost you less in comparison to one with an ornate design both of the same weight.

3.     Exchange offers

Customers while purchasing gold should always confirm that in case they return or exchange the ornament will there be any sort of deduction? Some of the souks in Dubai offer zero deduction on the exchange of ornaments from the same store. Always keep the invoice of purchase safe if you are willing to exchange the ornament later.

In a Nutshell

As mentioned, there are numerous auspicious days that turn out to be best for purchasing gold based on the gold rate in UAE. With all the above factors into consideration, you can save money and purchase the best gold jewelry based on the gold rate in UAE.