What is Dhanteras, and why is it an auspicious day to buy gold

Dubai: Dhanteras, also called Dhanatrayodashi, is the first and one of the most auspicious days of Diwali. It falls on the thirteenth lunar day of Krishna Paksha in the Hindu month of Kartik. In 2025, it is observed on October 18.

On this day, devotees worship Lord Dhanvantari (the divine healer), Lord Kuber (the treasurer of the gods), and Goddess Lakshmi (wealth and prosperity). Traditions include lighting lamps, cleaning and decorating homes, and performing Lakshmi puja at the auspicious evening hour.

Legends behind the celebration

One of the enduring stories associated with Dhanteras revolves around the legend of King Hima’s son. According to lore, the prince was destined to die by snakebite on the fourth day of marriage. To counter this, on that fateful night his wife laid out all her ornaments and coins at the entrance and lit many lamps while narrating stories to keep her husband awake. When Yama, the god of death, approached disguised as a serpent, he was dazzled by the lights and trinkets and could not enter, and remained distracted until dawn.

Another core tale is rooted in the Samudra Manthan (churning of the cosmic ocean). It is believed that on this day Lord Dhanvantari emerged with a vessel of Amrit (the nectar of immortality), linking the day to themes of health and longevity.

Why gold, silver and other purchases are central

Buying precious metals like gold and silver on Dhanteras is deeply symbolic. It is believed that such acquisitions invite the blessings of Goddess Lakshmi and help usher in abundance and stability. Silver is also popular because it is relatively more accessible and still seen as auspicious.

Utensils, especially those made of copper, brass or silver, are also considered lucky purchases. They symbolise purity, utility and the idea of sustaining prosperity in the home. Idols of Lakshmi and Ganesha, new clothes, household appliances and even a broom (signifying sweeping away negativity) are among items people often buy. 

These purchases are typically made during specific muhurat (auspicious timings) believed to maximise divine favour.

Market shifts and the challenge of high gold prices

This year gold prices are trading at record levels globally and domestically.  Gold recently crossed the historic $4,000-an-ounce threshold, marking a rise of more than 50% over the past year. In the UAE, 24K gold has broken Dh500 per gram. For the Indian community in Dubai, preparing for Diwali places tradition under pressure. Buying gold during Diwali is both an act of adornment and a symbolic ritual. Yet with gold at approximately $4,164 per ounce, many are questioning whether that ritual can still fit the budget.

In the UAE, gold prices have surged past Dh500 per gram after a prolonged rally. While that kind of momentum often deters retail buyers, the Diwali season is proving exceptional.

Jewellers across Dubai report that business is brisk, but buyer behaviour has changed. In the Gold Souk and beyond, shoppers are opting for lighter jewellery, smaller gold coins, or spreading purchases out across months rather than making heavy investments all at once.

For jewellers, it’s a rare silver lining. High margins on earlier acquired inventory make the festival season especially profitable, even if volumes moderate.

While high gold prices pose challenges, believers see in these purchases more than metal, they see a covenant for prosperity, protection, and renewal.