Gold prices cross Rs 1 lakh per 10-gram; check rates in Odisha

Gold prices in India surged to record levels on Tuesday, with 24-carat gold crossing the Rs 1 lakh mark per 10 grams.

On April 22, the price of 24-carat gold reached approximately Rs 1,01,350 per 10 grams, marking a significant increase of Rs 3,000 in a single day. Similarly, 22-carat gold prices have risen to Rs 92,900 per 10 grams, marking an all-time high for gold prices in the country.

Gold Rates in Bhubaneswar, Odisha

In Bhubaneswar, gold prices have mirrored the national trend. As of April 22, the price of 24-carat gold stands at Rs 98,380 per 10 grams, while 22-carat gold is priced at Rs 89,450 per 10 grams.

A week ago, on April 15, 2025, the rate of 24-carat gold in Bhubaneswar was around Rs 96,200 per 10 grams, indicating a rise of over Rs 3,000. The sharp upward movement reflects broader economic shifts.

What’s Fueling the Gold Price Surge?

Several global economic factors have contributed to the sharp rise in gold prices:

Weakened US Dollar: The US dollar has experienced a decline, making gold more attractive as a safe-haven asset for investors worldwide.

Geopolitical Tensions: Ongoing trade conflicts between the US and China, and unrest in the Middle East and Eastern Europe, have heightened market uncertainties.

Central Bank Purchases: Central banks, particularly in Asia, have increased their gold reserves. The World Gold Council reported that central banks acquired 1,037 tonnes of gold in 2024 — a record level.

Economic Concerns: Stagflation fears, flagged by US Federal Reserve Chair Jerome Powell, and increasing talk of a potential recession have driven investors to seek stability in gold.

ALSO READ: Global tariff and trade helpdesk to assist stakeholders in navigating emerging trade issues

Impact on Consumers and Market Sentiment

The price rally is affecting household budgets, especially for the middle class and rural families that traditionally buy gold for weddings and savings. With gold breaching the Rs 1 lakh mark, buyers are either reducing purchases or postponing them altogether.

On the flip side, investors in bullion are seeing sharp gains, especially those who bought gold at last year's average price of around Rs 60,000 per 10 grams.

What Next for Gold Prices?

Market analysts predict continued upward momentum if the global economic scenario remains volatile. If gold crosses USD 3,500 per ounce internationally, currently hovering around USD 2,400,  Indian prices may go beyond Rs 1.10 lakh per 10 grams by mid-2025.

In Odisha, prices could follow suit, especially during the festive and wedding seasons when demand typically spikes.