Gold prices may cross the Rs 33,000 level per 10 grams of gold on ‘Dhanteras‘, a day considered auspicious for buying the precious metal, on account of rising demand amid tight supplies, experts and bullion traders say.
Despite the expected price rise, the festive demand for gold jewelry on ‘Dhanteras’ on November 1 is expected to remain stable, but sale of coins and bars would see a decline by almost 50 per cent from the year-ago period, they estimated.
Dhanteras falls on the thirteenth day of the month of ashwin. The word “Dhan” means wealth. As such this day of the five day diwali festival has a great importance for the rich mercantile community of western India.
Houses and business premises are renovated and decorated. Entrances are made colorful with lovely traditional ideas of rangoli designs to welcome the goddess of wealth and prosperity. To indicate her long-awaited arrival, small footprints are drawn with rice flour and vermilion powder all over the houses. Lamps are kept burning all through the nights. On this fortunate day women purchase some gold or silver or at least one or two new utensils.
Hindus consider it auspicious to purchase gold or silver articles or at least one or two new utensils. It is believed that new “Dhan” or some form of precious metal is a sign of good luck.