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  1. Dhanteras 2024: Is buying gold this Diwali a prudent decision given all-time high prices? Read on

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Dhanteras 2024: Is buying gold this Diwali a prudent decision given all-time high prices? Read on

Upstox

3 min read | Updated on October 29, 2024, 08:35 IST

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SUMMARY

Dhanteras, also known as Dhanatrayodashi, is the first day of Diwali in most of India. Dhanteras is made of two words: Dhan, which means wealth, and Teras, which means 13th day. According to the Hindu calendar, Dhanteras falls on the 13th lunar day of Krishna Paksha (dark fortnight) in the month of Ashwin.

It is believed that buying new items on Dhanteras ensures blessings of good fortune throughout the year.

It is believed that buying new items on Dhanteras ensures blessings of good fortune throughout the year.

Dhanteras 2024, Diwali 2024: It is that time of the year again. The festival of lights, Diwali or Deepawali, is just one day away, and today people are celebrating Dhanteras. 

Dhanteras, also known as Dhanatrayodashi, is the first day that marks the festival of Diwali in most of India. The word Dhanteras is made of two words: Dhan, which means wealth, and Teras, which means 13th day. According to the Hindu calendar, Dhanteras falls on the 13th lunar day of Krishna Paksha (dark fortnight) in the month of Ashwin. 

It is believed that buying new items on Dhanteras ensures blessings of good fortune throughout the year. Items like copper utensils, Kuber Yantra, brass elephants, and even brooms are considered lucky and believed to attract Goddess Lakshmi's favour. 

Besides, people buy gold (physical gold in the form of jewelry, coins, etc.) or make investments in gold, as it is believed that buying the yellow metal on Dhanteras day brings prosperity and wealth to people.

People tend to buy gold in the form of jewellery to gift and wear on festival days, while it is also an indirect investment as the metal keeps its intrinsic value. 

This festival season, according to analysts, gifting gold or making an investment in gold by securing the financial future may be the greatest gift that one's loved one will cherish and remember over the years.

The current market environment is very uncertain and is being reflected with high volatility in all asset classes. One may look for to provide probable future returns and diversification over high-risk investments that may grow over time to potentially secure the future, notes Tapan Patel, Fund Manager-Commodities, Tata Asset Management. 

"There could be nothing more lightening this year in Diwali other than gold. Gold prices are hovering near all-time highs, crossing $2750 per ounce at COMEX. At the domestic front, gold prices are up more than 20% YTD, crossing ₹78,000 per 10 grams at MCX," Patel adds. 

Investors may look for accumulation on any decline in the prices. The current market environment could be favourable for a strategic allocation in gold as an investment in a portfolio.

The recent surge in the prices was a momentum play following escalation in Middle East conflict with Israel preparing to act on Iran’s missile attack. The US FED interest rate cut, central bank gold buying, upcoming US election, and geopolitical risk are continuing to remain the key supportive factors for bullion prices, note analysts.

Disclaimer
The above article is for informational purposes only and not a buy or sell recommendation. Investments in the securities/commodities markets are subject to market risks. Read all the related documents carefully before investing. Investors are advised to conduct their analysis or take experts' suggestions before making any investment.
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