Dhanteras 2021: Are you planning to buy gold this Dhanteras? Traditionally, people in India consider purchasing gold, silver and other metals on Dhanteras auspicious. It is believed that buying precious metals, in the form of jewellery or coins or utensils would bring prosperity. This year, Dhanteras will be celebrated on Friday while Diwali is on Sunday.
So if you are also planning to buy a gold/silver coin or jewellery on Dhanteras and Diwali, you are advised to make a quick decision as experts believe prices may shoot up to its lifetime high by end of 2021. At present, 10 grams of 24-carat gold was selling at Rs 47,050. Silver, on the other hand, was at Rs 64,600 per kg, according to the Good Returns website.
Gold Prices Expected to Reach Rs 52-53k
Domestic gold prices are expected to surge towards the highs of Rs 52,000-53,000 over the next 12 months. This year, prices of the precious metal have been trading between Rs 47,000 and 49,000 mark per 10 grams. However, gold prices had seen a surge during 2019 52 per cent and 25 per cent in 2020. According to Motilal Oswal Financial Services note, bullion has been in a consolidation mode from last Diwali to this Diwali, and in the past few months have witnessed some choppiness amidst volatility in US Dollar and bond yields.
“We believe that gold has a potential to surge towards $2000 once again and might even make a new lifetime high on the Comex. On the domestic front we expect prices to surge towards highs of Rs 52000-53000 over the next 12 months,” it said in a note.
Will Gold be a Good Buy?
Experts advise investors to make a purchase in a staggered manner on Dhanteras, maybe in digital form as it is believed to last for a lifetime if the purchase is made on this specific day of importance. Recently, ad-trade platform Aroscop has conducted pan-India studies to ascertain demand and willingness to purchase products. When asked about their willingness to purchase gold, 55 per cent of the respondents stated that they are looking forward to buying gold and gold jewelry in the upcoming festive season. Around 37 per cent of participants said the auspicious occasion Dhanteras would be their primary reason for buying gold, as per a PTI report.
Gold Price Fall Continues
In the previous trade, gold in the national capital slipped Rs 271 to Rs 46,887 per 10 gram reflecting a decline in international precious metal prices, according to HDFC Securities. Silver also slumped Rs 687 to Rs 63,210 per kilogram from Rs 63,897 per kilogram in the previous trade. In the international market, gold was trading lower at USD 1,795 per ounce and silver was flat at USD 23.89 per ounce. “Gold prices traded weak with spot gold prices at COMEX trading 0.18 per cent down at USD 1,795 per ounce,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said, adding the yellow metal prices traded under pressure on a stronger dollar and mixed global cues.
