Buying Gold this Dhanteras
Dhanteras will fall on 5th November, 2018 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.
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. This year, the auspicious times to buy gold are during the evening, immediately preceding the pooja. The mahurat for the pooja is 6:05 pm to 8:01 pm, with people choosing to make their bullion purchases prior to this. The most auspicious time would vary based on other conditions, with 5:35 pm to 7:30 pm considered the ideal time for gold purchases this year.
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
The year began with gold prices stable and climbing due to continued uncertainty over the threat of North Korean aggression. The protectionist economic policy adopted by the United States unsettled global markets, as investors looked to gold as a safe-haven asset. Local prices continued to climb but international demand fluctuated.
Geopolitical tensions in the Korean peninsula as well as a spate of terrorist attacks globally led to renewed interest in gold, as currencies and equities plummeted. The dollar saw some highs but the Federal Reserve’s economic tightening policy impacted dollar gains.
The steady depreciation in the rupee led to a surge in gold prices, as demand faltered. The government’s imposition of additional duties and levies on gold imports further dented the yellow metal’s appeal among retail buyers. U.S. economic results have been better than expected, leading to a reduced reliance on bullion as a hedge by investors.
Gold Price During Dhanteras 2018
In keeping with current trends, gold looks set to maintain its current price as the rupee continues to trade low. The resurgent dollar rate and a drop in industrial demand from Asia has dented prices. The ongoing trade dispute between the United States and China has already had a negative impact on the Chinese economy, with the country’s central bank lowering key ratios to stimulate liquidity in the market. As a consequence, there has been a significant drop in bullion demand from the country, which is the world’s largest consumer of gold.
The regular interest rate hikes by the Federal Reserve is indicative of rising inflation as the U.S. economy enjoys a period of steady growth. With markets doing well and the economy in general bullish territory, there is less reliance on bullion, which is viewed as a hedge against equity losses. The rise in U.S. bond yields is another factor behind a drop in investor interest in gold, while also serving as an indicator of the robust state of the economy.
Local gold prices have kept pace with overseas trends for the most part, but have seen a rapid rise due to the depreciating rupee. Some measures to rein in the currency’s slide have been implemented but the stable dollar and crude oil crisis have affected the rupee’s recovery.
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
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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