The festival of Dhanteras falls in the month of Kartik (Oct-Nov) on the first day of the five day long Diwali festival. It is considered a day to celebrate prosperity as the word 'Dhan' means wealth. In 2017 the festival is on Tuesday 17th October.
It is largely believed that on Dhanteras, goddess Lakshmi visits the homes of her devotees and fulfills their wishes. The Lord Kubera, the God of assets and wealth is also worshipped on this day.
The Legend of Dhanteras
An ancient legend about the 16 year old son of King Hima is linked to the day. The boy's horoscope predicted his death by snake bite on the fourth day of his marriage. On that day his new wife refused to let him sleep - in an attempt to save him from coming to any harm. She lit lamps and laid out all her ornaments along with piles of gold and silver coins around the entrance of their sleeping chamber. She then narrated stories and sang songs to keep her husband from falling asleep.
The next day, when Yama, the god of Death, arrived at the Prince’s doorstep in the guise of a Serpent, his eyes were dazzled and blinded by the brilliance of the lamps and the gold and silver. Yama could not enter the Prince's chamber, so he climbed on top of the pile of coins and sat there the entire night listening to the stories and songs. In the morning, he silently went away. Thus, the young prince was saved from the clutches of death by the cleverness of his new bride, and the day came to be celebrated as Dhanteras.
The buying of Gold
Dhanteras is the biggest gold buying occassion associated with the purchase of physical gold in India. It is also therefore important for Indian communities across the world, including the UK.
It is generally believed that if you buy gold or silver on Dhanteras then it brings good luck to your family. So it is not merely a precious metal or an investment opportunity, but it also holds great sentimental value for people.
Purchasing gold during this time is believed to be auspicious and a sign of continued prosperity in the year to come. The highest demand for gold is either in the form of jewellery or gold coins that are embossed with images of Hindu gods and goddess; the latter being particularly popular for gifting purposes.
The beauty of investing in gold is that there are products to suit every budget. From simple rings, earrings and ear studs at the lower end of the price range to heavy and intricately-made necklaces at the higher end.
Auspicious times to buy Gold on Dhanteras
Tuesday 17th October
Morning Muhurta (Char, Labh, Amrit) = 10:09 - 14:03
Afternoon Muhurta (Shubh) = 15:21 - 16:39
References
http://hinduism.about.com