Gold rates jumped by the end of the month and closed at Rs.5,217 for a gram. Gold prices jumped by 0.59% over the course of the month in Kanpur. Other than that, the brand is giving up to 30 per cent off on all diamond jewellery.

It is celebrated to commemorate King Mahabali, it’s believed that his spirit would visit the state during Onam. This festival and celebrations are majorly observed in Punjab regions of India. Basically, Vaisakhi is a joyous festival that is celebrated with music and dance. 916 is nothing but the denotation of the percentage of gold present in a gold alloy. Thus, in 22 karat gold, the percentage of pure gold is 91.6%. Experts, therefore, warn that reducing rural purchasing power, crop failure and a bad monsoon may hit gold sales.

Now, that the purchase of gold has increased, because people are purchasing gold, not just for cultural values, but as financial assets. Indian households take a sentimental interest in buying gold. India has recently overtaken China in becoming the largest importer of gold on the earth. People consider it auspicious to buy gold on festivals like Makar Sankranti, Dussehra, Navratri, Gudi Parva, Diwali, Akshaya Tritiya and Dhanteras. It is considered highly auspicious to buy gold on Dhanteras. Some of the beliefs attesting this tradition are discussed here.

The word Dhanteras comes from ‘Dhan’ meaning wealth, and ‘teras’ meaning 13th day as per the Hindu calendar.

Sign up for a weekly brief collating many news items into one untangled thought delivered straight to your mailbox. According to an adage, the story of Dhanteras revolves around a 16-year old King Hima and his newly-wed wife. A prophecy had indicated the king will die on the fourth day of marriage.

According to the ancient hindu astrology, Rahu Kaal is considered as the most inauspicious time to buy gold, or perform any other auspicious activities. A family’s social status is often measured with the possession of this precious metal. Gold jewellery and ornaments are among the few things referred as a family heirloom, being passed on from generations. One of the reasons may be that it is considered as an item bearing religious and cultural significance, rather than financial value. The legend of how the prince was saved from death inspired the tradition of buying gold on the day of Dhanteras.

• For those who don’t know why is it considered quite important to buy gold on this day, the reason is that it is considered as the harbinger of wealth to the family.
• A prophecy had indicated the king will die on the fourth day of marriage.
• A total of 27 constellations are considered for calculating the shubh muhurat.
• Every year, jewelers see a surge in demand for gold as Indians flock to stores to buy either gold jewelry or gold coins on this day.
• Along with being one of the precious metals, gold is also considered as the most auspicious metal in the World.
• The prices of gold have been going through a low period since 2015 but they seem to be on the rise now.

In Bengaluru, the cost of 22-karat gold stands at Rs.49,600 per 10 grams and 24-karat at stands at Rs.54,119 per 10 grams. Gold in Kerala is priced at Rs.49,600 and Rs.54,110 for 22-karat and 24-karat per 10 grams, respectively. Gold has been in high demand at both places during the festive season. Internal factors such as the policies introduced by the government, interest rate, the demand for gold, etc. that affects the price of gold in India. On 1 April 2022, the price of gold in Kanpur was Rs.5,186 per gram.

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Similarly, gold futures for delivery in the month of August hit the lowest price in a day in six years at 1,134/ounce. Various other factors including sale of over 30 tonnes of gold in the Shanghai spot market recently led to a sharp fall in gold rates. The first day of the 5-days long festival, Diwali is considered to be one of the most auspicious days for purchasing gold. Buying gold on this day is considered to be favorable because it is a way of worshipping Goddess Lakshmi and Lord Kuber.

In an exclusive online offer, PC Jewellers is giving up to 7% off on Gold Coins. Another trade expert Mehul Parekh said this festive season business will “at least be lower by 20 per cent”. He said months of July and August saw imports dipping by 60 per cent of last years figures indicating weak trade sentiment. This year, Dhanteras will be celebrated on Friday while Diwali is on Sunday.

The prices of 22 carat gold are Rs.46,010 for 10 grams, while the prices of 24 carat gold are Rs.50,2100 for 10 grams. Gold futures prices in the US are trading at $1,682.80 for an ounce. According to experts, gold prices today are unlikely to rise in the near future due to an imminent hike in interest rates by the US Fed and Greece’s default crisis. Intriguingly, 60% of demand for gold comes from rural India especially during weddings. Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in northern and western parts of India. On the day of Dhanteras, the sale of gold reaches one of its annual peaks in India.

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Sign up for a weekly curated briefing of the most important strategic affairs stories from across the world. When you are buying a precious asset like gold that never diminishes in value, you need to be cautious of various things while making a purchase. Also, customers of Kotak Mahindra Bank and RBL Bank customers can get flat 5 per cent cashback on minimum transaction of Rs 25,000, and maximum up to Rs 5,000 cashback.

A detailed analysis of gold prices as well as historical data can be found below. Like other festivals, the purchase of gold and silver also revolves around a muhurat. Pushya Nakshatra day and Dhanteras are the two most auspicious days when most of the purchasing is done. The former, being the birth star of Goddess Lakshmi, is considered especially auspicious for buying gold and silver. Many Indians on this day believe in buying gold and silver during a specific time of this day.

People buy gold bars, gold ornaments, gold coins silver coins or silver ware on this day. Gold and gold ornaments are something integral to Indian tradition. Gold is considered as a symbol of luck, prosperity, auspicious day to buy gold in 2019 abundance and auspiciousness. In fact people see gold as embodying Goddess Lakshmi, the goddess of wealth in it. If you have been planning to get married for a long time now, you have a great day ahead.

Are you waiting for the right muhurat to start your new venture? Akshaya Tritiya is a great day if you wish to start with your new business. It is a great day for new beginnings as it will only bring it a great success. https://1investing.in/ Determine the worth of gold by checking the Bureau of Indian Standards hallmark which will tell you about the quality and carat of the jewellery. This way you will avoid getting scammed by fake/counterfeit jewellery.

Gold price declined by Rs.1,500

Married women fast on this day praying for long life of their husband. SBI/Tata Credit Cardholders excluding SBI/Tata Corporate Credit Card with no payment outstanding of more than 30 days, are eligible to get 5% cashback at all Malabar stores. The minimum amount for the transaction is Rs 25,000 and Maximum cashback per card is Rs 2500. Akshaya Tritiya, also known as ‘Akti’ or ‘Akha Teej’, is an annual spring festival which falls on the third day of the Hindu calendar’s Vaisakha month. According to stock brokers, a trend to go for gold ETFs has also been gaining popularity as it offers quick liquidity and does not involve any making charge. “Gold continues to be at a significant discount on account of muted demand and an active grey market, impacting organised manufacturers, refiners and jewellers,” he said.

The overall performance of the yellow metal witnessed a declining trend wherein the percentage change stood at 1.30%. Along with being one of the precious metals, gold is also considered as the most auspicious metal in the World. The culture of purchasing gold for celebrations dates back to the era of Kings and Queens in India.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 per tola and Rs1,303.15 per 10 grams yesterday. In Chennai, the prices of 24-carat gold were for Rs.51,170 per 10 grams on 18 October 2022. The prices of 22-carat gold were Rs.46,910 for 10 grams.

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Traditionally, it is believed that this activity brings in more wealth and prosperity to the house. People, therefore, invest in gold and silver jewellery. Why do gold rates fluctuate in different cities in Salem? The main reason behind the varied rates of gold across different cities and states in India is the addition of transportation charges of the precious metal.