Business: In a noteworthy trend just ahead of Dhanteras, gold prices recorded a substantial drop of Rs 1,150, settling at Rs 80,050 per 10 grams on Friday. The festive season, which usually sees increased demand for precious metals, may now witness a shift in buying patterns due to this recent price dip. According to the All India Sarafa Association, the gold price dropped Rs 1,150 to Rs 80,050 per 10 grams in the national capital.  

Alongside gold, silver also remained under selling pressure and slipped below the Rs 1 lakh mark by declining Rs 2,000 to Rs 99,000 per kg. The metal had closed at Rs 1.01 lakh per kg in the previous close on Thursday.

Additionally, gold of 99.5 per cent purity fell Rs 350 to Rs 80,450 per 10 grams against the previous close of Rs 80,800, while the precious metal of 99.9 per cent purity declined Rs 1,150 to Rs 80,050 per 10 grams against Rs 81,200 on Thursday.

Traders said tepid demand from jewellers and retailers in the local markets and a weak trend in the overseas markets weighed on gold prices. In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery declined Rs 406 or 0.52 per cent to trade at Rs 77,921 per 10 grams. Silver contracts for December delivery plummeted Rs 1,134 or 1.17 per cent to Rs 95,898 per kg on the bourse.

Dhanteras 2024

The five-day Diwali festival begins with Dhanteras. The festival of Dhanteras is celebrated on the first day, followed by Narak Chaturdashi, Diwali, Govardhan Puja and finally Bhaiya Dooj. Dhanteras have special significance in Hinduism. On this day, Kuber ji and Goddess Lakshmi are worshipped along with Lord Dhanvantari. Along with this, there is a tradition of buying new things like gold, silver, utensils, vehicles, brooms, etc. on the day of Dhanteras.

It is believed that buying something new on the day of Dhanteras brings prosperity in wealth. Every year the festival of Dhanteras is celebrated on the Trayodashi date of Kartik Krishna Paksha. This year Trayodashi Tithi will start on October 29, 2024, at 10:31 am. Trayodashi Tithi will end on October 30, at 1:27 pm. Dhanteras will be celebrated on October 29, 2024.