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Dhanteras is an auspicious time for investing in gold and other precious metals. With many people making significant purchases of gold, Dhanteras Gold rate is also a hot topic around this time
Dhanteras is set to be celebrated on November 10th, 2023, marking the commencement of the traditional festive and wedding seasons in India.
If you are contemplating buying gold on Dhanteras 2023, the following information about Dhanteras gold rate may be helpful to you.
As Dhanteras approaches, it's crucial to stay informed about the gold rate. As of 2022, there was a 2% increase in the Dhanteras gold price, including those meant explicitly for Dhanteras.
Gold prices have significantly surged during the festive seasons, primarily due to issues related to the supply of gold.
Notably, there has been a substantial reduction in the gold supply from banks to India. This means that despite increased demand during the festive period, India receives less gold than required.
This emphasizes the importance of knowing the Dhanteras gold price before purchasing.
Is Gold Rate favourable during Dhanteras?
To purchase gold on Dhanteras is considered auspicious for several reasons.
Dhanteras marks the initiation of Diwali, a time when Lord Kuber and Goddess Lakshmi are revered. It symbolizes wealth and prosperity, making it an auspicious occasion for acquiring gold, silver, and tools.
This day is highly significant for entrepreneurs who make it a tradition to invest in gold without fail during this event. Dhanteras has always held a special place in India for the purchase of gold and silver, with jewelers witnessing an annual surge in the demand for this precious metal.
Some gold shops extend their hours, opening early in the morning and staying open until midnight to accommodate the public.
According to a traditional tale, the newly married wife of a sixteen-year-old king saved her husband from the God of Death, Yama, by dazzling him with heaps of gold and silver. She protected her husband's life by barricading the sleeping chamber with this wealth. Since then, buying gold or silver on
Dhanteras is believed to be a protective and encouraging act, warding off evil and death.
On Dhanteras, people from all across the country not only invest in gold and silver but also diversify their investments into other forms of wealth, such as property, vehicles, or valuable assets.
As per reports, the short-term outlook for gold appears promising, with gold prices possibly reaching around 53,000 per gram by Diwali, and silver prices could climb to approximately 63,000 per kilogram. By the end of the same year, silver may even reach around 65,000 per kilogram.
Dhanteras Gold Rate over the Years?
Gold bought during Dhanteras years ago has provided an annualized return of 6.56%, surpassing the 5.6% increase in the cost inflation index (CII).
While gold has outperformed inflation, it hasn't matched the growth of other assets like BSE Sensex, which has risen by nearly 13% since October 2011.
It's important to note that gold purchased between 2015 and 2020 yielded double-digit returns, but from 2020 to 2021, gold prices remained stagnant and had negative returns.
Gold Prices Fluctuations in 2022
Gold prices in India, according to MCX data, increased by approximately 8 percent, moving from ₹54,656 per 10 grams on December 31, 2022, to ₹59,106 per 10 grams on July 13, 2023.
Similarly, during the same period, the Sensex, an equity benchmark, also saw an 8 percent rise.
People seem worried that they might run out of gold, likely due to the global economy's uncertainty, the possibility of a recession, a strong US dollar resulting from the collapse of various world currencies, and geopolitical tensions.
This has led to a rush to purchase gold, especially with the price of gold nearing Rs 50,000, which many Indians now consider a baseline price. This surge in gold buying isn't limited to western India; it's also happening in the north.
Additionally, gold sales during Diwali have always been strong in the south. The favorable monsoon has also boosted sales in rural India. Notably, not only is lightweight jewelry in demand but there's also a significant interest in bridal jewelry, possibly due to a high number of weddings leading up to Diwali.
Let's see some other dhanteras gold price in 2022 details below:
- In 2022, the cost of 24-carat gold in the national capital decreased by Rs 372, reaching Rs 50,139 per 10 grams, while 22-carat gold was available at Rs 48,100 per ten grams. Similarly, silver prices in the national capital dropped from Rs 56,888 per kilogram to Rs 56,089 per kg, a reduction of Rs 799.
- On the international market, gold was trading at USD 1,621.25 per ounce, and silver was valued at USD 18.41 per ounce in a downward trend.
- In Bengaluru, 24-carat gold was priced at Rs 51,450 for 10 grams, and ornamental 22-carat gold was available at Rs 47,340 per ten grams.
- In Chennai, the price for 22-carat gold was Rs 47,400 per 10 grams, indicating an increase of Rs 750 per 10 grams compared to the previous day, particularly for the occasion of Dhanteras.
- Lucknow witnessed increased ornamental gold prices, rising by Rs 750 per 10 grams to Rs 48,100 per 10 grams.
- In Patna, the cost of 22-carat gold increased to Rs 48,450 per 10 grams from Rs 47,700 the previous day, while 24-carat gold was available at Rs 50,870 per 10 grams.
- In Kolkata, ornamental gold was priced at Rs 48,450 per 10 grams, and gold with 99.5 percent purity was valued at Rs 50,870 per 10 grams.
- Bhopal saw a hike of Rs 750 in the rates of 22-carat gold, reaching Rs 47,880 per 10 grams. In Surat, 22-carat gold was priced at Rs 48,160 for 10 grams.
Current Gold Price in 2023
Here are the gold prices in India as of October 12, 2023, as we look forward to the dhanteras gold price:
Conclusion
As Dhanteras approaches, the tradition of buying gold shines as brightly as ever.
With an increase in Dhantera's gold rate for 2023, the demand for this precious metal remains strong. This tradition, deeply rooted in spirituality and culture, symbolizes prosperity and protection.
As you prepare to celebrate Diwali, may your gold investments on Dhanteras bring you wealth and happiness.
From age-old tales to current market insights, buying gold on this auspicious day is a cherished and valuable practice.
FAQs
Q) What is the purpose of purchasing gold on Dhanteras?
Answer - The tradition of acquiring gold on Dhanteras originates in the story of how gold saved a person from death. People buy gold on Dhanteras to seek blessings from Lord Yama and Goddess Lakshmi. This gold is kept in a puja and illuminated before the main entrance.
Q) Is it possible to make investments in Dhanteras?
Answer - Above all other types of wealth, Indians have a strong preference for precious metals, such as gold and silver. Consequently, making investments in gold and silver during Dhanteras is regarded as auspicious and in alignment with religious beliefs.
Q) What is the price of gold in 2023?
Answer - The price of gold is expected to decrease in the upcoming quarters due to a decrease in the inflation rate. Consequently, it is anticipated that Indian gold prices will follow the global trend and decrease in the coming quarters, possibly as early as 2023.
