Reason Why People Buy Gold on Dhanteras Every Year

Most Hindu families consider Diwali an auspicious time to buy gold, especially on Dhanteras. The ritual of buying gold is considered equivalent to inviting Goddess Lakshmi, the Goddess of wealth and prosperity. This year Dhanteras is falling on Friday, October 28, 2016.

Why to buy gold on Dhanteras?

Dhanteras marks the beginning of the five day festival of Diwali. The word ‘Dhanteras’ or ‘Dhantrayodashi’ means wealth and prosperity. It is a day to celebrate wealth on the 13^th day of Kartik month, where Goddess Lakshmi, Lord Dhanwantri, Lord Yam Dev and Lord Kuber are worshipped.

Since the day is all about wealth and prosperity, it is considered auspicious for buying gold, silver and utensils. This day also holds immense significance for businessmen who leave no chance to invest in gold on this auspicious day.

In talks with the jewelers of Jaipur

Jewelers of Jaipur share that the demand of gold rises every year on Dhanteras as Jaipurites prefer buying gold in the form of jewelry or coins on this auspicious day. Many gold shops open early in the morning and remain open till midnight on Dhanteras just to manage the flock of people who come to buy gold on Dhanteras.

What do people prefer to buy on Dhanteras?

Most from the younger generation prefer to buy gold in smaller quantity, say, in the form of gold coins of 1, 2, 5 or 10 grams. Light jewelry or very light earrings is a preferred choice in younger office going women. Some also go for heavier pieces. Other popular gold and silver items bought on Dhanteras include idols, plated ornaments and coins.

Gold rates, prices may fall further

Gold rate trends keep fluctuating every year. This year the prices have fallen by almost 10% and the demand had also come down to 40% compared to last year, according to data provided by leading jewellers. In order to increase sales, the prices of gold and gold jewelry may fall further in the coming days.

People not only buy gold but also invest in silver along with buying other stuff such as property, vehicles and other stuff.