Cassian Baliarsingh

Gold prices in Bhubaneswar hit a record high of Rs 71,330 per 10 grams on Thursday taking a sharp increase in the prices of the precious metal. The gold prices experienced a significant surge, rising by Rs 800 during the day’s trade.

The price of 10 grams of 24-carat reached a historic high Rs 71,330. Similarly, the price of 10 grams of 22-carat gold reached Rs 63,800. As per experts, if the price rise continues, then gold can reach close to Rs 72,000 in next few weeks.

The experts are also apprehensive of any change (decrease) in rates of the yellow metal anytime soon given that the marriage season is on the cards.

Demand for gold in the domestic market will remain firm amid the marriage season as the precious metal is gifted to brides and grooms in large quantities, said a trader. India is world’s second-largest gold consumer after China. The bulk of the gold requirement is met through imports and domestic bullion recycled locally. 

So, apart from international prices, which are denominated in dollar, import duties and other taxes play a role in determining domestic gold rates.

Also Read | Gold price in India hit record high of Rs 69,640 per 10 grams; check details

Experts also attributed this rise in gold prices to several other factors including inflation, possible cut in interest rate in the US and the escalating tensions in the Middle East.