Gold prices experienced a significant surge on Friday, rising by Rs 1,300. The price of 10 grams of 22-carat gold has reached Rs 63,000 in the domestic market. Similarly, the price of 10 grams of 24-carat gold has reached Rs 68,730.
The people in Bhubaneswar and other parts of Odisha expressed their concerns over the rise in the price of gold during marriage season.
As per experts, the rise in the price of gold is driven by robust global trends.
“The price of gold is continuously rising in the international market. It is one of the major reasons why the price of the precious commodity has surged in the Indian market. Our production of gold is very nominal. Mainly we are importing gold from the international market. Due to the increase in the rate of inflation in the USA, the price of gold has surged in the international market,” said market expert Trinath Lenka.
“Generally, investors invest in gold to cope with inflation. The price of gold has surged due to the huge demand for the precious metal in the international market. This surge in gold prices was fuelled by increasing speculation surrounding a potential interest rate cut by the US Federal Reserve,” he added.
Moreover, increased geopolitical tensions have suppressed the inclination towards short-selling, consequently enhancing the appeal of gold as a buy-on-dip asset.