Dhanteras will fall on 17th October, 2017 and is a day that will spell windfalls for jewellers and customers alike. The auspicious day marks the start of Diwali, the festival of lights and is marked by purchases of gold.
Auspicious Timings To Buy Gold On Dhanteras
While most people set out to buy gold throughout the day on Dhanteras, there are certain times, known as ‘mahurat’, during which the purchase is said to be more auspicious.
Why is Dhanteras auspicious for buying gold?
Dhanteras is the day that marks the beginning of Diwali, when Lord Kuber and Goddess Lakshmi are worshipped. Dhanteras means wealth and prosperity and therefore, this day is considered auspicious for buying gold, silver, or utensils. This day holds high importance among businessmen who invest in gold without fail on this occasion. Dhanteras has always been an important day for purchase of gold and silver in India. Jewellers see a rise in demand for this yellow metal every year as Indians flock to buy gold in the form of either jewellery or coins on this auspicious occasion. Some gold shops open early in the morning and remain open till midnight to manage the crowd.
According to an adage, the newly-wed wife of the 16-year old King Hima drove away the God of Death, Yama, by dazzling him with heaps of gold and silver. The king’s wife saved his life by blocking the sleeping chamber with the heap of wealth. Since then, buying gold, or silver on this day was considered auspicious as it is believed to keep evil and death away.
On Dhanteras, people all around the country not only invest in gold, but also in silver, along with other forms of wealth, such as property, vehicles, or any other asset.
Gold prices now
Gold began the year quite volatile due to a number of factors, most prominent among them the election of Donald Trump to the U.S. presidency. Prices were high initially due to market turbulence and this trend continued for a while.
Gold was relegated to the background in April 2017 as the French elections were underway, with the victory of Emmanuel Macron helping prop up flagging markets and stabilising currency markets across the world.
The frequent threat of missile tests by North Korea impacted gold prices, increasing demand for the commodity. This, coupled with the hurricanes ravaging the continental U.S. and surrounding areas led to higher demand for the yellow metal due to plunging markets and diminishing investor confidence in equities. October also saw stable demand for gold as the festive season ensures higher orders from local jewellers as well as industrial units.
Also check Today's Gold Rate in the most popular Indian cities
What consumers are looking at?
The upwardly mobile youth of the country are slowly shifting the gears of the economy. Most of the young women are preferring to buy gold in smaller quantities such as 1, 2, 5 or 10 grams. Lightweight jewellery is trumping over the more ornate heavier pieces. Other popular products include idols, coins, plated ornaments and similar items.
Gold Price During Dhanteras 2017
With steady demand and the continued unrest due to the threat of an attack by North Korea, gold prices look set to remain high. Higher international demand due to geopolitical crises in the United States has already seen gold rise by close to double its price compared to 2016. This looks set to continue and may well define the rest of the year with regard to price fluctuations.
The unwillingness of the U.S. Federal Reserve to raise interest rates is another factor that would keep gold prices higher. With the dollar performing quite poorly, many expected a rate hike in the near future. However, the Fed is looking at tightening spending and reining in inflation, which would lead to a slowdown among markets and spur demand for safe-haven assets like gold.
The imposition of GST on gold and the recent ban on imports from countries like South Korea will also result in gold prices rising. Since GST was imposed in July 2017, domestic gold demand fell marginally. However there was a sharp increase in imports from South Korea and other countries that India has trade agreements with, which affected the trade deficit. As a result, India blocked imports from those nations, which racked up the price of gold currently in the market.
Also Know About the other Gold Schemes by Banks
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|IDBI Bank Gold Schemes||Indian Bank Gold Schemes||PNB Gold Schemes|
|SBI Gold Schemes|
Also Know About Gold Schemes by Jewellers
Buy Gold During Diwali
Buying gold during Diwali is not just a tradition but also a wise investment. With jewellers expecting a large number of footfalls, there are a number of special offers and discounts during the season. Discounts on making charges, freebies as well as exchange offers specially meant for the festive season are a good way for consumers to save when buying gold.
With gold’s status as a secure and ever-rising alternative to equities, purchasing the yellow metal during Diwali is an ideal way to mix tradition with sound financial acumen.
Read more on Gold
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- How Will Restricting Gold Imports in India Affect Gold Rates?
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News About Buying Gold this Dhanteras
Retail jewellers expecting Dhanteras to boost sales
Jewellers are expecting a strong growth in gold sales during the Dhanteras on October 17. With the gems and jewellery industries exempted from the Prevention of Money-Laundering Act (PMLA), 2002, jewellers reported that, the industry expects a doubt-digit growth during the forthcoming festive season with a huge demand for gold and diamond jewellery.
As per the KYC requirement under PMLA, jewellers with a turnover of Rs.2 crore per annum were instructed to collect PAN card for any purchases above Rs.50,000. With the industry excluded from PMLA, retail jewellers expect higher sales in the forthcoming days. With the government having decided to put the industry in a 3% slab under GST, jewellers believe consumers to boost their sales during this festival season.
14th October 2017
Pushya Nakshatra Causes Surge in Gold Sales
Pushya Nakshatra, the auspicious day saw the sale of Gold in Bhopal go into overdrive. With the precious metal’s price being at an all-time high, this day was highly profitable for gold merchants in the city. Gold sales are estimated to cross Rs. 100 crore in Bhopal by this Diwali. The 12 – 15 jewellery shops present in each market saw a surge of customers. Gold is considered one of the best avenues of investments due to the lack of buoyancy in the real estate and stock markets. Gold prices are expected to go up by 20% till next year. Gold is up by Rs.4000 as compared to October/November last year, but the high gold prices shall not deter customers from buying the precious metal.
26th October 2016
BSE Extends Their Trading Sessions This Festive Season
BSE, a leading stock exchange announced that they will extend their tradings sessions till October 28 1900 hrs for Gold exchange Traded funds and Sovereign Gold Bonds. The extended their trading sessions on account on a festival celebrated before diwali called Dhanteras. In a notice, BSE stated that after the general working hours which is 0915 hrs to 1530 hrs, this special trading session will start from 1630 hrs to 1900 hrs. In India, customers and industrialists increase their gold intake as they consider it to be an auspicious day to invest in gold. BSE is taking advantage of such a opportunity to trade on gold.
20th October 2016
Gold Rates Picked Up On Account Of Festive Season
India is the world’s second largest consumer of gold. On account of festive season, the demand for gold increased in india. Gold rebounded after falling about 5% last week. Not many discounts were offered on gold as gold rates dropped this festive season which boosted sales automatically. The week ending January 23rd, retailers offered lowest discount of $2 an ounce. Last week, dealers offered about $4 discount an ounce. A jeweller from Pune, Fatechand Ranka stated that gold jewellery shops were crowded during Dussehra and the demand for gold was good. Gold sales is expected to boost evenmore in the upcoming months as Diwali is fast approaching.
19th October 2016
Gold Sales Decreases in Maharashtra This Festive Season
Dussehra is the time people invest in gold. But this festive season, gold sales displayed a declining trend in Maharashtra. Last year, about Rs.450 crore gold was sold but in 2016 only Rs.300 crore worth gold was sold. Experts stated that high gold rates could have caused low sales. Last year gold was traded at Rs.26,900 per 10 grams, whereas, this year gold was sold at Rs.30,150 per 10 grams. It is also noteworthy that Maharashtra suffered a great drought which could have affected the residents financially. The drought mainly affected rural residents who contribute about 67% of gold sales in Maharashtra.
18th October 2016
Dhanteras to be now Celebrated as National Ayurveda Day
It is recently announced by AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy) that Dhanteras from this year onwards will be observed as National Ayurveda Day. Different themes will also be allocated each year on Dhanteras. This year, the theme is ‘Áyurveda for Prevention and Control of Diabetes’. Various lectures, exhibitions and seminars will be organized on October 28th this year to mark the beginning of the first Ayurveda Day on Dhanteras.
This announcement was received positively by the teachers of Ayurveda at Institute of Medical Science in Banaras Hindu University. They are planning to organize various programmes on the theme. Professor Anand Chaudhary has also requested other Ayurvedic hospitals and institutions to come forward and participate in the celebration of the first National Ayurveda Day.
07th October 2016
MMTC Aims to Sell 700 Kg Gold Coins in the Festive Season
Metals and Mineral Trading Corporation of India sets a sales target of 700 kg gold coins for the festival season. This decision by company is mainly influenced by the fact that Indians buy gold during festival seasons as a sign of prosperity. The company also aims to expand the international sales targeting Indian communities through its Singapore subsidiary MMTC Transnational Pte Ltd. According to the General Manager of MMTC Ravi Kishore, the demand for gold coins will be high during the Diwali and Dhanteras celebrations. Kishore further adds that these gold coins are not merely seen as an investment option but as national symbol.
04th October 2016