Gold rush: The big dates to buy gold this year

Mumbai: The Hindu calendar has several days that have been traditionally considered auspicious for the purchase of gold.

The Pushya Nakshatra Day, which is considered special for beginning new ventures, occurs several times in the Hindu calendar. February 19, March 17, April 14, May 11, June 7, July 5, August 1, October 22, November 18 and December 22 are all Pushya Nakshatra days.

Gudi Padwa, the Maharashtrian new year, falls on April 6 and is another day for celebration and purchasing gold.

The biggest gold-buying festivals are Akshaya Tritiya and Dhanteras.

May 7 is the day for Akshaya Tritiya and the long-held belief that gold invokes prosperity is what drives the sudden spike in the purchase of gold.

Dhanteras, which will occur on October 26 this year, falls two days before Diwali. This festival also celebrates prosperity.

Diwali - the festival of lights - has also been the traditional signifier for prosperity, as is Dushehra. These two days are believed to be particularly blessed and so many buy precious metals like gold. Dushehra will be celebrated on October 1 and Diwali on October 28 this year.

Other auspicious days for purchasing gold are August 28 and September 25 on which will fall the Gurupushyamrit, days considered auspicious for commencing new ventures.

The phase of Shraadh - a 15-day epoch for paying homage to ancestors - which will last this year from September 15 to 29, is considered inauspicious, not just for the buying gold, but for any new purchase or venture.

The Hindu calendar has regional variations, but the above dates are broadly followed across the country in the gold trade for planning inventories.