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Diwali: India's Big Gold Day

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Diwali: India's Big Gold Day

Today is Diwali, perhaps the largest of all Hindu holidays. Also known as the Festival of Lights, ceremonial oil lamps, known asĀ diya, are lit to celebrate the triumph of light over darkness.

Diya

Homes and offices are cleaned, renovated, and strung with lights. Of course, temples and public buildings get the same treatment, leading to spectacular views at night of cityscapes ablaze with light.

diwali-houses

People also buy new clothes or special costumes to wear to prayers celebrating Diwali, much like Christians buy new suits and dresses for Easter services.

Diwali

Many of these prayers are directed to Lakshmi, the goddess of material and spiritual wealth.

Lakshmi, the Hindu Goddess of Wealth and Prosperity (By Ravi Varna Studio [Public domain], via Wikimedia Commons) </center
Lakshmi, the Hindu Goddess of Wealth and Prosperity
(By Ravi Varna Studio [Public domain], via Wikimedia Commons)

Because of this, the five-day Diwali festival is considered the most auspicious time in India to buy gold. Jewellry stores (which also sell gold coins and bars) are swamped with holiday shoppers.

gold-bazaar

Another big Diwali tradition is fireworks. From giant displays put on by cities and wealthy Hindus, to kids playing with sparklers and firecrackers in the tenements, fireworks are everywhere. Fireworks stands are just as busy as jewellry stores for Diwali.

Diwali_fireworks_and_lighting_celebrations_India_2012

Diwali isn't celebrated just in India. Hindu communities across the world celebrate the Festival of Lights with the same enthusiasm. For instance, San Antonio, TX,

Diwali Festival in San Antonio, TX
Diwali Festival in San Antonio, TX

or the United Kingdom,

Diwali in Leicester, United Kingdom
Leicester, United Kingdom

or even Singapore.

Diwali in Singapore
Diwali in Singapore

Diwali is the biggest gold-buying day in the world's biggest gold consuming nation, so it plays a large part in physical gold demand in Asia.

About the Author

Everett Millman

Steven Cochran

Precious Metals Market Analyst
BS University of South Florida (2002)

A published writer, Steven's coverage of precious metals goes beyond the daily news to explain how ancillary factors affect the market.

Steven specializes in market analysis with an emphasis on stocks, corporate bonds, and government debt. He writes a monthly review of the precious metals markets for SurvivalBlog.com.

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