When to buy gold and silver on Dhanteras 2024? Shubh Muhurat timing and date here
Traders say silver coins have become the go-to option for token purchase on Dhanteras, ditching the traditional gold because of sky-high rates.
Dhanteras Muhurat 2024
The auspicious time for Dhanteras puja muhurat is between 06:57 PM and 08:21 PM on October 29, 2024. The Pradosh Kaal is from 05:55 PM to 08:21 PM and the Vrishabha Kaal from 06:57 PM to 09:00 PM. The Trayodashi Tithi starts at 10:31 AM on October 29, 2024, and ends at 01:15 PM on October 30, 2024.
07:01 PM to 08:33 PM – Pune
06:31 PM to 08:13 PM – New Delhi
06:44 PM to 08:11 PM – Chennai
06:40 PM to 08:20 PM – Jaipur
06:45 PM to 08:15 PM – Hyderabad
06:32 PM to 08:14 PM – Gurgaon
06:29 PM to 08:13 PM – Chandigarh
05:57 PM to 07:33 PM – Kolkata
07:04 PM to 08:37 PM – Mumbai
06:55 PM to 08:22 PM – Bengaluru
06:59 PM to 08:35 PM – Ahmedabad
06:31 PM to 08:12 PM – Noida
In the national capital, gold prices edged higher by ₹ 300 to ₹ 81,400 per 10 grams on Tuesday as the market saw huge demand by jewellers and retailers for Dhanteras, the All India Sarafa Association said.
Silver rose ₹ 200 to ₹ 99,700 per kg due to an increased demand from the industrial units and coin makers. It had closed at ₹ 99,500 per kg on Monday.
Traders say that with silver coins becoming the preferred choice of token buying during Dhanteras, the tradition to buy gold went out the window with prices at a level they had never experienced before.
Gold prices for Dhanteras on October 29, 2024, are as follows:
- 24-karat gold: ₹78,610 per 10 grams
- 22-karat gold: ₹72,059 per 10 grams
Prices have surged nearly 30% compared to last year, when 24-karat gold was priced at ₹60,750. This year’s demand remains high despite elevated prices influenced by geopolitical tensions and global market trends
On Monday, the yellow metal at 99.5 per cent purity had gained by ₹ 300 to near an all-time high of ₹ 81,000 per 10 grams. The precious metal of 99.9 per cent and 99.5 per cent purity had on Monday closed at ₹ 81,100 and ₹ 80,700 per 10 grams.
Gold futures contract for delivery in December traded higher by ₹ 178 or 0.23 per cent to ₹ 78,744 on Multi Commodity Exchange over here.
“Gold prices in MCX remained positive, with Dhanteras adding enthusiasm for long positions. More buying occurred on this auspicious day, pushing the prices on the MCX and trading above ₹ 80,000 in the physical jewellery market,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.
Silver contracts for December delivery bounced ₹ 786 or 0.81 per cent to ₹ 98,210 per kg on the MCX.
Comex gold futures rose 0.23 percent at USD 2,762.20 an ounce worldwide.
“Gold edged closer to a record in European trading on Tuesday as jitters over the US Presidential election and the US debt crisis keep safe haven demand going, driving inflows into the metal,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
Gold has been trading positive with buying at each small correction in the past three trading sessions, observes Pranav Mer, VP – Research (Commodity & Currency) BlinkX and JM Financial.
What are the current prices for 22-karat gold in different cities
Current prices for 22-karat gold in various cities on October 29, 2024, are as follows:
| City | Price (₹ per 10 grams) |
| Mumbai | 73,140 |
| Kolkata | 73,140 |
| Delhi | 73,290 |
| Chennai | 73,140 |
| Ahmedabad | 73,190 |
| Pune | 73,140 |
| Lucknow | 73,290 |
| Bengaluru | 73,140 |
| Jaipur | 73,290 |
| Patna | 73,190 |
| Bhubaneswar | 73,140 |
| Hyderabad | 73,140 |
These prices reflect the high demand for gold during the Dhanteras festival
# What has been the trend in gold prices on Dhanteras over the last few years?
Gold prices have increased on Dhanteras over the last two years:
-2024: The price rose to as high as around ₹78,700 per 10 grams for 24-karat gold, a nearly 30% increase from ₹60,750 in 202312.
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-2023: The price was around ₹60,750 per 10 grams, an uptrend from the previous years.
-2022: On Dhanteras, it was around ₹52,000 per 10 grams.
-2021: On Dhanteras, the gold price was about ₹48,000 per 10 grams.
Overall trend of the graph shows that gold prices have been steadily rising in this festival season because of various economic factors and a hike in demand.
# Comparison of Gold Price in Dhanteras with other festivals in India:
The price of gold on Dhanteras usually rises higher than the rise seen on any other prominent festival in India, such as Diwali and Akshaya Tritiya. During 2024, it had almost reached ₹78,700 for 10 grams of 24-karat gold on Dhanteras, nearly 30% higher than last year.
When the festivals are in Diwali, after the happening of Dhanteras the prices are generally equivalent and still the demand never decelerates. Just in comparison to this, there exists the festival of Akshaya Tritiya during which happens much before the timing of Diwali there exist relatively lower price coupled with higher demand for this result in Dhanteras happens to be one amongst peak selling time of the commodity of gold in the territory of India.
# What are the strategies that jewellers use to attract buyers at times of high gold prices?
-Jewellers have employed various strategies to attract customers during periods of high gold prices, especially during festival seasons like Dhanteras:
-Value Messaging: While most jewellers refrain from cutting prices, they continue to emphasize the premium quality of their gold products, and the craftsmanship justifies a premium.
Limited-Time Offers: The concept of urgency is created using time-sensitive discounts or promotions, forcing customers to buy fast, playing into consumer psychology.
Product Diversification: Retailers sometimes use alternative materials like platinum, which might be cheaper but still luxury.
More Effective Marketing: Digital marketing campaigns, including social media ads and influencer collaborations, reach the target audience more effectively.
Customer Experience: Personalized shopping and Virtual Try On using AR virtual would enhance the customer interaction along with sale.
All these strategies aim at continuing the sales amidst the boom of gold’s prices that have been highly fluctuated
# What benefits are expected in using Platinum over gold when the latter’s rate has gone soaring high?
-Use of Platinum for the manufacture of jewelry, when prices are high on gold
This would fetch the advantages:
Cost-Effectiveness: At the moment, platinum costs cheaper than gold, meaning it is more affordable but does not compromise on its luxurious feel.
Durable: Platinum is denser and more durable compared to its gold counterpart that cannot wear away easily or often. This means a longer usage.
Hypoallergenic Properties: It is purer and non-allergic compared to gold, especially that alloyed with nickel.
Timeless appearance: While white gold loses its white shine and tends to turn yellowish with time, platinum does not undergo such color change and, therefore, is less expensive to maintain.
All these make platinum an attractive substitute for customers seeking superior jewelry when gold prices rise.
#Health Issues Platinum Jewelry versus Gold Jewelry?
-When platinum jewelry is contrasted with gold jewelry, health issues mostly relate to allergies and sensitivity to skin:
-Hypoallergenic Nature: Platinum is not prone to causing allergies; in fact, it is relatively hypoallergenic, thereby making it suitable for even the most sensitive of skins. It causes very rarely because it has almost all minimal alloy metals.
Nickel Allergies: Nickel is one of the common allergens and many white gold jewelries carry nickel. Almost 15% of women get sensitized to nickel that they experience skin reactions.
Chemical Reactions: While platinum is inert and unreactive with most chemicals, some alloys can be hazardous. For instance, some platinum jewelry contains ruthenium, which can produce toxic fumes when bleached.
Platinum is safer than gold because it is less likely to cause allergic reactions, especially in its alloy forms.
#What are the health dangers of nickel in gold jewelry?
Nickel that is found in gold is toxic. It has all the bad health effects about it, primarily as a human allergen:
Reactions due to Allergic Contact Dermatitis: Since nickel is an allergen, about 15 percent of women get nickel allergy. Symptoms include itching and redness at the locations where the skin comes into contact with nickel.
Dermatitis: The dermatitis can be developed through contact allergic dermatitis if for a long time, the patient is exposed to it. The reaction might take weeks, but only occurs at points of contact. However it can spread at times.
Nickel Exposure Regulations: The EU controls nickel exposure from jewelry for health reasons. In fact, it mandates that all articles intended to come into protracted or repeated skin contact be tested for nickel release.
In short, people with known allergies to the metal should steer clear of gold alloys containing nickel and look for hypoallergenic materials like platinum.
Rhodium Coating Efficacy in Preventing Exposure to Nickel
Rhodium plating is a preventive measure against nickel exposure in jewelry, especially to those with nickel allergies. Here are the key points:
Hypoallergenic Barrier: Rhodium is hypoallergenic and creates a protective layer over base metals, minimizing direct skin contact with nickel, which is a common allergen.
But its wear resistance supports toughness and can maintain the chrome coat for longer periods3. However, since nickel would be exposed once the rhodium plating degrades, allergic reactions may be developed after that2.
Maintenance: Periodic servicing and re-plating must be done to maintain protective capability, especially for frequent wearers.
# Conclusion:
Rhodium plating decreases the exposure of nickel much but needs maintenance to be performed.
