As Dhanteras 2024 unfolds, gold prices have seen a notable uptick, rising by 0.3% or ₹238 to reach ₹78,804 per 10 grams for 24K gold futures dated December 5. This increase comes in the wake of Dhanteras, a significant occasion in Hindu culture when the purchasing of precious metals is traditionally encouraged.
Dhanteras marks the first day of the Diwali festival, a time when devotees worship Dhanvantari, the divine physician of the Devas and an avatar of Vishnu. According to Hindu texts, Dhanvantari emerged during the Samudra Manthana, holding the elixir of life (Amrita) in one hand and a sacred Ayurvedic scripture in the other. This auspicious day is deemed an ideal time for investing in gold and silver.
This year has seen a remarkable 30% increase in gold prices compared to Dhanteras 2023. Just a day prior, on October 28, 2024, gold prices experienced a slight dip of 0.04%, falling to ₹78,536. This minor decrease was attributed to a strengthening US dollar, influenced by recent macroeconomic indicators, including inflation and GDP reports, which are critical for predicting potential rate cuts by the US Federal Reserve.
In contrast to the gold market, domestic equities have underperformed; the benchmark BSE Sensex has only risen by 10.79% this year, showcasing gold’s significant rally since last year’s Dhanteras.
As the festive season progresses, the increased demand for gold during Dhanteras highlights its enduring value as a symbol of prosperity and wealth.
