Dhanteras, Diwali 2024: Why buying gold during Dhantrayodashi and Deepawali is considered auspicious
People buy gold on Dhanteras primarily due to its auspiciousness, as this festival marks the beginning of Diwali and is believed to bring prosperity and good fortune. "Festivals in India are deeply intertwined with traditions, and buying gold during these auspicious times holds immense cultural significance," notes Rituu B Jhaveri, Founder of Rowa's Jewels. This tradition is linked to Lord Dhanvantari, the deity of health and wealth, making gold purchases a way to seek blessings for the coming year. Additionally, gold is viewed as a stable investment that offers financial security and serves as a status symbol. Colin Shah, MD of Kama Jewelry, states that "gold has provided an average of 11.7% returns in the past 15 years," highlighting its investment potential.
As Amit Khare from Ganganagar Commodity Limited points out, "rural economic conditions are set to strengthen," expected to drive increased gold purchases during the festive season. Ultimately, buying gold on Dhanteras is a blend of spiritual significance, cultural heritage, and practical investment, representing a cherished gift and a piece of personal and familial legacy.
Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking, notes that gold prices are experiencing a robust rally in both international and domestic markets, with increased demand for jewellery and investment anticipated to continue, according to the latest World Gold Council report. Rural demand is on the upswing, aided by an improved monsoon season and higher crop sowing, which are expected to bolster rural economic conditions and drive gold purchases during the upcoming festive season. With approximately 80% of gold in India is used for jewellery, this demand is particularly significant during festivals.
“From a technical perspective, current gold investment ranges between ₹74,000 to ₹75,000, with expectations that prices could reach ₹79,000 to ₹80,000 by January 2025,” said Amit Khare.
Buying Gold during Dhanteras and Diwali: Honouring Goddess Lakshmi
Buying gold during Dhanteras and Diwali is important in Hinduism, as these celebrations honour Lakshmi, the Goddess of Wealth and Prosperity. This five-day festival is traditionally seen as an auspicious time to purchase gold, symbolising good luck for business and home.
