Today, May 2nd, marks the religious observance of Akshaya Tritiya, the traditional celebration of auspicious beginnings in Hindu and Jain cultures. It is believed that this day is characterized by good fortune and success, and is often observed with the purchase of gold.
Not only is buying valuables on this day considered to bring luck or auspicious results, but the spiritual value of giving gifts on Akshaya Tritiya (alternately known as Akha Teej) is even more immense. This is why many Hindu families purchase gold jewelry for their loved ones during the holiday, making use of the twofold effect of the day's promise of good luck. In fact, it has been reported that many families delay bullion purchases or wait to dispense gifts until the holy day to ensure their gesture brings success to the recipient.
In an article from Bloomberg, it is estimated that Akshaya Tritiya represents the second largest gold-buying event of the year in India behind only Dhanteras, the first day of the Diwali Festival in the autumn where wealth and prosperity are celebrated.
Sales of gold bullion are anticipated to spike for the observance of this holiday, both in India and elsewhere around the world. Retailers are especially eager for the arrival of the holiday this year, as the Indian government has been attempting to curb the country's gold imports, resulting in depressed demand for the yellow metal. Last year, China surpassed India as the world's largest consumer of gold, aided by the implementation of India's gold import restrictions.