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A Guide to buying gold online on Dhanteras

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Dhanteras is thought to be one of the most auspicious times to purchase gold and other precious metals. Akshaya Tritiya and Dhantrayodashi are two of the most important Hindu holidays for purchasing gold and gold jewellery. Purchasing gold during Diwali is thought to be the equivalent of inviting Maa Lakshmi, the Goddess of wealth and prosperity, into one’s home.
The majority of Hindu families buy gold, gold jewellery, gold coins, and other precious metals such as silver, platinum, and so on. It’s also an excellent time to purchase a new car, home, appliances, and other metal cookware and utensils. In this article find out why buy gold on dhanteras, auspicious time to buy and best ways to buy gold.

pot full of gold coins

Why Indians buy gold on Dhanteras – mythology

There was a king named Hima. He had a sixteen-year-old son. The king arranged for him to marry a girl. According to astrology, the prince would die of a snake bite on the fourth day of his marriage. This information devastated both the king and the bride. The bride was a bright and devoted young lady. She devised a strategy to save her husband’s life.

On the day that the astrologers predicted the boy’s death, the girl gathered all of the palace’s ornaments and gold and piled them in front of the main door. She advised the prince not to sleep and sat with him, telling him stories and singing melodious songs. Throughout the night, the couple sat awake.

Lord Yama arrived near the palace at the appointed time to assassinate the prince. He assumed the form of a serpent, which was to bite the prince to death. As the serpent approached the palace’s main door, a heap of ornaments and valuables blocked its path, the dazzling brilliance of the items nearly blinding the snake’s vision. The snake was unable to enter the palace. Meanwhile, the snake was enchanted by the girl’s beautiful songs. As a result, the snake sat there all night listening to the songs.

The time set by the planets for the prince’s death passed, and the serpent lost its desire to bite the prince. Lord Yama, disguised as a snake, left the house without killing the prince. As a result of her clever strategies and devotion to God, the girl was able to successfully save the prince’s life.

The account of how the prince was spared from death gave rise to the custom of buying gold on Dhanteras Day. On this day, gold is stored in puja and a lamp called as Yama Deep is lit in front of the main door to request Lord Yama’s and goddess Lakshmi’s blessings.

Auspicious time to buy gold on Dhanteras

On Dhanteras, there are certain auspicious times to buy gold according to Hindu calendar.
During Dhanteras 2021, the best time to buy gold is between 7:10 p.m. and 8:44 p.m. on November 2, 2021. The yellow precious metal can also be purchased between the hours of 11:31 a.m. and 4:10 p.m.

Gold as an investment

Purchasing gold is a terrific investment opportunity as well as a sentimental purchase. Gold is brought to weddings and other rituals in addition to buying it for festivals. People are considering this as an investment possibility, especially with gold prices on the rise. It is known as ‘Aapath Dhan’ because it can be mortgaged for money in the event of a financial emergency. Investors benefit from gold’s role as a diversifier amid increasing budget deficits, inflation and potential market corrections from already high equity valuations.

Things to remember while buying gold

Now that you know that buying gold is a good idea, here are some pointers to remember when doing so:

Check for purity:

Carats are the unit of measurement for gold jewellery. 24 carat gold is used in coins and biscuits, while 22 carat gold is used in gold jewellery. Regardless of the carats you purchase, be sure to check the BIS mark for purity.

Recognize the hidden fees:

Wastage, manufacturing, and GST will all be added to the price of the jewellery. When making a budget, keep these in mind.

Convenience of buying:

To purchase gold jewellery you can order it online, while for other options like digital gold, gold ETFs you can purchase them from the comfort of your home. GoldLane also provides delivery of gold and silver coins and will run offer for free shipping this Diwali. So, look out for that!

Gold prices today

Due to the ongoing trade talks between the United States and China, precious metals prices have been turbulent recently. The yellow metal, on the other hand, gained after news of Turkish attacks on Syria surfaced. Experts believe that investors should take advantage of the dips to buy gold at a target price of Rs.4,866 to Rs.4,880 per gm

Because of the ongoing trade talks between the United States and China, the market is projected to stay turbulent for some time. Experts also believe that if the price of silver falls to about Rs.45,700 per kg, it will be a good time for individuals to acquire the metal in order to avoid a loss of Rs.45,400. It is also projected that if the price of silver remains around Rs.64,000 per kilogramme, it could increase to 64,500.

Gold prices in future

According to the International Energy Agency (IEA), which was mentioned by Reuters this week, a global energy shortage is projected to increase oil consumption by half a million barrels per day (bpd), raise inflation, and postpone the world’s recovery from the COVID-19 epidemic. “Higher energy prices are adding to inflationary pressures, which, combined with power outages, might contribute to decreased industrial output and a slowed economic recovery,” the IEA said. This will boost gold prices

Because gold is valued in US dollars, a weaker dollar is advantageous for a gold rise. While the Fed taper talks may raise interest rates in the next months, boosting the value of the dollar, the Fed is unlikely to hike rates in the medium term. This suggests that a large rally in the US dollar is unlikely, which should bode well for broad-based commodity investing.

Best ways to buy gold this Dhanteras

There are various gold-related investment products, all of which have different risk and return profiles, liquidity characteristics and fees, detailed article can be found here.

  • Gold coins and bars
  • Digital Gold with gold coin option
  • Gold ETFs
  • Sovereign gold bond
  • Gold futures & options

What is digital gold?

Digital Gold allows investors to buy physical gold online, have it stored in professional vaults and get it delivered if the need arises. It offers investors a highly convenient way to benefit from the ownership of physical gold. Every smallest amount of digital gold you own is backed by physical gold by the seller. They buy it for you, store it for you and deliver gold coins and bars to you when you want.

Conclusion

Purchasing gold at Diwali is not only a custom, but also a sound investment. Due of the high volume of visitors expected over the holiday season, jewellers & digital gold platforms like GoldLane are offering a variety of special deals and discounts. Discounts on making charges, freebies, and exchange offers designed just for the festive season are a good method for customers to save money when purchasing gold.

With gold’s reputation as a safe and increasing alternative to stocks, buying gold around Diwali is a great opportunity to combine tradition with solid financial planning.

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