Buying Gold this Dhanteras
Dhanteras will fall on 13th November in 2020 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 2020
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
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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.
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