Gold is a valuable commodity often used to hedge against inflation or economic turmoil. While prices can fluctuate significantly daily, there are certain days of the week when gold is typically cheaper. By understanding these trends, you can save money when purchasing gold.
The Day of Purchase
One must first consider what type of gold one wants when purchasing gold. There are two different types of gold: pure gold and gold jewelry. The day of purchase for these two types of gold differs largely due in part to market fluctuations.
Pure Gold
The best day to buy pure gold is typically Wednesday. On this day, the stock market is open for extended hours, allowing for more accurate pricing due to the increased volume of trades. Furthermore, since most people work during the week and have weekends off, many also shop during this time. This puts upward pressure on prices meaning that you will get a higher price per ounce of gold on a Wednesday than on any other weekday.
Gold Jewelry
The best day to buy gold jewelry is Sunday. This is because most jewelers need to mark up their prices on this day as they are closed on Saturday (the busiest shopping day) and can afford to be more competitive on Sundays when foot traffic is lower. In addition, many people receive payments on Fridays or Saturdays, which they then use to make major purchases such as jewelry on Sundays. This also adds upward pressure to prices, giving you the best chance to get a good deal when buying gold jewelry.
The Day of Sale
The day of the sale is important when purchasing gold. The most important factor is the price of gold at the time of purchase. The higher the price of gold, the more you will pay for your piece. Another factor to consider is whether or not there is a holiday on the day of the sale. If there is a holiday, most stores will be closed, and you will not be able to purchase gold.
Conclusion
Purchasing gold on Sunday is considered auspicious as it is the sun god’s day. It is believed that buying gold on this day will bring good luck and fortune.
