Dhanteras 2019

Buying Gold this Dhanteras

Dhanteras will fall on 25th October this year and is seen as the start of the traditional festive and wedding seasons in India. The day marks the start of Diwali and it is considered an auspicious time to invest in gold and other precious metals.

Auspicious Timings to Buy Precious Metals On Dhanteras

While most people set out to buy precious metals like gold and silver throughout the day on Dhanteras, there are certain times, known as ‘mahurat’, during which the purchase is said to be more auspicious. This year, the auspicious times to buy gold are during the evening, immediately preceding the pooja. The mahurat for the pooja is 07:08 p.m. to 08:14 p.m., with people choosing to make their bullion purchases prior to this.

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’ stands for wealth and prosperity and therefore, this day is considered auspicious for buying gold, silver, and 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 has been 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 and Silver Prices Now

The prices of precious metals have been volatile lately owing to the US-China trade talks. However, the yellow metal gained after the news of airstrikes on Syria by Turkey came up. Experts are of the opinion that the investors can utilise the dips to buy gold for a target price of Rs.38,660 to Rs.38,800 per 10 grams.

The market is expected to remain volatile for a while due to the US-China trade talks. Experts have also suggested that if the price of silver drops to around Rs.45,700 per kg, it will be a good opportunity for individuals to buy the metal to stop loss of Rs.45,400. It is also expected that if the price of silver stays around the ballpark of Rs.46,000 per kg, it could hit targets of up to Rs.46,200 to Rs.46,500.

Gold and Silver Price During Dhanteras 2019

Owing to the high prices of gold, the sales of the yellow metal has been quite low in the past 2 months in India. At this point in time, the price of the metal is hovering around the range of Rs.40,000.

That said, experts are of the opinion that the demand of the yellow metal is not very likely to go up significantly this year. In spite of the festive season and the wedding season, the demand of the metal has been fairly low. The steady rise in the prices of gold has been affected by the increased preference for the safe haven assets for hedging purposes in the capital market.

The price of gold has hit an all-time high of more than Rs.40,000 per 10 grams. On the 11th of October 2019, the price of the yellow metal stood at Rs.39,160 per 10 grams I the bullion market of Delhi.

Also Know About the other Gold Schemes by Banks

Andhra Bank Gold Schemes HDFC Gold Schemes ICICI Gold Schemes
IDBI Bank Gold Schemes Indian Bank Gold Schemes PNB Gold Schemes
SBI Gold Schemes

Also Know About Gold Schemes by Jewellers

Tanishq Gold Schemes Kalyan Jewellers Gold Schemes Malabar Gold Schemes
GRT Gold Schemes Lalithaa Jewellery Gold Schemes Bhima Jewellery Gold Schemes
PNG Jewellers Gold Schemes Prince Jewellers Gold Scheme Nathella Gold Schemes
Saravana Stores Gold Schemes Jeyachandran Gold Schemes

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

News About Buying Gold this Dhanteras

  • Rising Gold Prices Dampening Dhanteras For Many

    With the festive season already begun, jewellers usually anticipate a significant rise in footfalls and sales. However with the steady rise in domestic gold prices this year, many consumers are forfeiting gold purchases or buying less bullion.

    The most auspicious day to buy gold for many Indians is Dhanteras, which falls on 5th November this year. Diwali is also seen as a good time to make gold purchases, but many consumers prefer buying gold before Diwali, afraid of a depreciation in the rupee during festival time.

    While some buyers have no qualms about the rise in price, many others have opted to watch the markets and currency exchanges before setting out to buy bullion.

    19 October 2018

  • Dismal Dussehra As Gold Sales Plummet

    The festival of Dussehra failed to boost gold sales, as the high price put many consumers off gold purchases. With gold selling at close to Rs.32,000 for 10 grams, local retail demand has been tepid at best. Analysts are not hopeful of a change in fortunes closer to Dhanteras, which is the traditional auspicious time for gold purchases. The stock market crash the previous week and the continually falling rupee have resulted in gold prices rising steadily over the past few weeks. Jewellers have reported lower than average sales this year as market forces and global dips in gold consumption affect prices. The swathe of recent restrictions on gold imports has also hurt the bullion market, as retail costs have been rising and jewellers are forced to transfer this additional burden onto consumers.

    19 October 2018

  • Surge in Gold Prices Ahead of Dhanteras

    With the festive season in full swing, demand for gold has not seen much growth due to the rising cost of retail gold. Bullion prices have risen steadily across local markets due to geopolitical tensions overseas and a rapidly depreciating rupee.

    Dhanteras, which falls on 5th November, 2018 is viewed by many as the most auspicious day to buy gold. However, jewellers are resigning themselves to fewer footfalls and reduced sales as a result of the sudden price rise.

    With most Indian gold being imported from overseas, consumers now have to bear the burden of import duties in addition to paying more due to the low value of the Indian currency. As a result, the amount of gold being purchased could come down, spelling more trouble for jewellery makers.

    17 October 2018

  • 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.

    14 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.

    26 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.

    20 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.

    19 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.

    18 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.

    07 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.

    04 October 2016

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