Gold rate today on Dhanteras 2024 for futures dated December 5 gained 0.3% or by ₹238 from the previous close according to MCX data
Gold rate today on Dhanteras 2024 has risen by 0.3% or ₹238 to ₹78,804 per 10g of 24k gold futures dated December 5, according to data from the Multi Commodity Exchange of India (MCX). This was a gain of 0.3 % or ₹238 from the previous close.
Agartala: A gold necklace displayed at a jewellery showroom ahead of Dhanteras festival, Friday, Oct 25, 2024.(PTI)
The price rise was an expected one owing to Dhanteras being considered an auspicious time to purchase or invest in precious metals like gold and silver.
What is Dhanteras?
Dhanteras is the first day of the Diwali festival when people worship Dhanvantari, the physician of the Devas and an avatar of Vishnu, who according to Hindu scriptures, emerged during the Samudra Manthana holding Amrita (a nectar bestowing immortality) in one hand and a sacred text regarding Ayurveda in the other.
How have gold prices performed previously?
As a whole, gold prices have risen by roughly 30% this year compared to Dhanteras 2023.
This comes after a slight 0.04% decline in prices yesterday on Monday, October 28, 2024, reaching ₹78,536.
This slight dip was attributed to the US dollar strengthening due to macroeconomic data such as inflation and GDP reports which investors use to gauge a potential rate cut by the US Federal Reserve.
In general, gold in India has outperformed domestic equities, with the benchmark BSE Sensex rising only 10.79% this year in comparison to gold’s 30% rally since last year’s Dhanteras.
