The vibrant celebration of Dhanteras on October 29, 2024, has infused India with festive energy, leading to a remarkable boost in retail sales estimated at ₹60,000 crore, according to the Confederation of All India Traders (CAIT). Also known as Dhanatrayodashi, this auspicious day is particularly favored for purchasing gold and silver, with an unmistakable surge in demand this year.
Gold sales alone reached ₹20,000 crore, as approximately 25 tons of the precious metal found new homes across the nation. Silver also experienced a notable increase, with sales hitting ₹2,500 crore, driven by the purchase of around 250 tons. The demand even extended to old silver coins, which were priced between ₹1,200 and ₹1,300 each.
This robust appetite for gold and silver, despite rising prices, underscores a strong consumer sentiment and the traditional belief that buying these metals during Dhanteras attracts good luck and prosperity. As the festival heralds the five-day Diwali celebration, it holds a special place in Indian culture. On this day, devotees worship Lord Kubera, Goddess Lakshmi, and Lord Dhanvantari, seeking blessings for wealth, health, and overall prosperity.
The bustling retail markets in Delhi, including popular spots like Chandni Chowk, Dariba Kalan, and Sadar Bazaar, were abuzz with shoppers eager to make their purchases. In addition to gold and silver, consumers also bought other auspicious items such as utensils and broomsticks, although certain items are traditionally avoided during this time.
This year’s Dhanteras highlights the enduring strength of tradition and its significant economic impact in India. The increase in sales across multiple sectors reflects the positive sentiment and spending power of Indian consumers, solidifying Dhanteras as a crucial economic driver in the country.
