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Dhanteras gold buying tradition in India: The price of gold is skyrocketing at the speed of a rocket. The prices have increased so much that the common man is afraid to even think about it, let alone buy it. But the surprising thing is that the excitement in the markets is not showing any signs of diminishing. People are buying more gold than ever before, especially with Dhanteras around the corner. This is no joke! In the last one year alone, the price of gold has increased by ₹ 55,000 per 10 grams. Today, the price of 24 carat gold in Delhi’s bullion market is ₹ 1,33,605 per ten grams, the same gold was priced at ₹ 78,800 at the same time last year. But this inflation is not affecting the enthusiasm of the people. This enthusiasm is clearly visible not only in big cities like Delhi-Mumbai but also in small towns. Then why are people buying such expensive gold? There are 3 big reasons behind this: 1. Smart way of making new jewelery from old gold. Many big brands have caught the pulse of the customers. For example, Tanishq has come out with a great scheme, in which people can give their old gold or jewelery and get new designer jewelery made without paying any making charges. The result of this is that people are taking out the old gold lying in their homes and lockers and bringing it to the market. According to an estimate, about 25,000 tonnes of gold is lying in our homes. If this gold reaches the market and is recycled and converted into new jewellery, then India will not have to import gold from outside countries. This will also save the country’s valuable foreign money.2. Fear of “If you don’t buy now, it will become more expensive” When gold prices started rising in August-September, people thought that perhaps the prices would come down in a few days. But exactly the opposite happened. Instead of decreasing, the prices started increasing rapidly. Now people are afraid that if they do not buy now, it will become more expensive by the coming wedding season (December-January). Due to this fear, people have come into the markets with the mindset of “buy it today”. 3. Gold is not just an investment, it is also an emotion. In India, gold is not just a metal, it is a part of our faith and tradition. Buying gold on Dhanteras is considered auspicious, no matter how expensive it is. This is a belief that outweighs inflation. For this reason, people are buying not just jewellery, but also gold coins, as it is considered to be the purest and safest investment. So the next time you see rising gold prices, remember that for Indians it is not just a deal but a feeling.
