Dhanteras 2023: Why Choosing Silver Over Gold Could Be Your Best Investment
Dhanteras 2023 marks the official start of the Diwali festivities on October 18. This occasion is a revered time for purchasing precious metals such as gold and silver in India. Traditionally, the buying of these metals is believed to bring good fortune and prosperity.
Dhanteras: A Celebration of Wealth
Dhanteras, also referred to as Dhantrayodashi, is dedicated to several deities, including Goddess Lakshmi, the embodiment of wealth, Lord Dhanvantari, known for health, and Lord Kubera, the treasurer of the gods. This day symbolizes the onset of Diwali festivities.
- The purchase of gold and silver during Dhanteras is a traditional custom reflecting well-being and prosperity.
- Buying even small gold items is viewed as an invitation for abundance in the coming year.
Rising Gold and Silver Prices
This year, buying patterns may shift due to the soaring prices of gold and silver. As of October 16, gold reached a record high of Rs 1,28,395 per 10 grams in India. On the international market, its price surpassed $4,300 an ounce, marking significant growth.
Simultaneously, the price of silver also increased, reaching Rs 1,64,660 per kilogram. Global silver prices exceeded $54 per ounce, breaking past records. Various factors contribute to the rising costs, including:
- Central bank acquisitions and increased investments in gold-backed ETFs.
- Market demand for safe-haven assets amid economic uncertainties.
Experts suggest that these elevated prices might persist, with gold potentially trading between Rs 1,20,000 and Rs 1,30,000 per 10 grams during Dhanteras.
Shifting Trends: Silver over Gold?
With prices so high, many consumers are reconsidering their traditional purchases of gold. A noticeable trend is emerging where shoppers are increasingly opting for silver. Many jewellers report a rise in inquiries for silver, indicating a potential shift in consumer preferences.
According to Ratan Jain, a bullion trader, this trend is driven by expectations of higher returns associated with silver investments.
What Should You Buy?
The decision to purchase gold or silver for Dhanteras ultimately depends on individual intent. If the motivation is emotional or cultural, the high prices may not deter buyers. However, for purely investment purposes, experts recommend a phased approach to lessen risks associated with market volatility.
- Investors might consider staggered purchases through gold and silver ETFs to navigate price fluctuations.
- Some advise waiting until after Dhanteras for a potential price correction.
The Rise of Digital Gold
This year marks a notable shift toward digital gold investments. Recently, inflows into Gold ETFs surged significantly, indicating a growing preference for digital assets. In September 2025, investments soared to Rs 8,363 crore compared to Rs 1,232 crore the previous year.
Experts advocate for a balanced investment strategy, suggesting a mix of digital and physical gold to navigate both tradition and volatility.
