Planning to buy gold online on Akshaya Tritiya? Don’t fall for a scam; Know these tips

    If you’re looking to buy gold online on Akshaya Tritiya, first check these tips to ensure you do not get scammed.

    By: HT TECH
    | Updated on: May 03 2022, 12:34 IST
    It is essential to be properly informed before buying gold online on Akshaya Tritiya. Check our tips if you are planning the same. (Unspalsh)
    It is essential to be properly informed before buying gold online on Akshaya Tritiya. Check our tips if you are planning the same. (Unspalsh)

    he Hindu spring festival Akshaya Tritiya is going to be celebrated today, May 3rd. According to the Hindu mythology, it is believed that buying gold on this date is auspicious and brings good luck and prosperity. As such, many people would be looking to buy gold whether as jewelry, coins, bars, digital gold or even gold investment. But before you go invest in gold today, do know some basic things to ensure you do not get scammed. Learn the smart way of buying gold online.

    Akshaya Tritiya, also known as Akti, Akha Teej or Manda is celebrated on the third lunar day of Shukla Paksha in the month of Vaisakha. This day is also linked with buying gold as it is considered auspicious. And that also includes when to buy. The auspicious time period to buy gold and silver starts at 5:39 AM on May 3rd and ends at 5:38 on May 4th.

    Buying gold online on Akshaya Tritiya

    When it comes to buying gold, one has to be aware about the various scams and frauds that take place. Gold scams are commonplace today. From scammers selling fake gold to selling low quality gold with fake documentation, there are a lot of traps that await innocent buyers. The risks increase if a person decides to buy gold online as they have to trust the seller and be sure that not only a delivery will be made but also that the delivered item will be high quality.

    With so many risks, it is essential to be well informed and take the right decisions to ensure that buying gold on Akshaya Tritiya indeed brings prosperity to you. While it is not possible to keep expensive instruments to test out the purity of the gold you just bought, it is possible to check for signs of fraud and avoid it easily. How to do so? Check out our gold buying tips below.

    Gold buying tips on Akshaya Tritiya

    Step 1:

    Always know the current price of gold before you try to buy it. One of the easiest ways to oversell gold is by quoting exorbitant prices for it. You can check the prices of gold easily online.

    Step 2:

    Always pay attention to gold’s weight. Look out for any signs of suspicion around the weighing machine. 

    Step 3:

    Check for hallmarked gold. They are the most reliable. You can do it yourself by observing three symbols on your gold. These include a BIS logo, a Purity grade symbol and a 6-digit code which is known as Hallmark Unique Identification (HUID) number.

    Step 4:

    If you’re looking to buy gold for investment purposes, make sure it does not cross more than 10% of your entire portfolio.  

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    First Published Date: 03 May, 12:33 IST
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