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Odisha is witnessing an unprecedented surge in gold prices, with the last three days seeing an increase of over Rs 5,000. The price of the yellow metal is very likely to reach Rs 1 Lakh-mark in Odisha soon, market experts said on Friday.
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This rise has set a historical high for gold, with 22-carat gold in Bhubaneswar priced at Rs 87,450 per 10 grams, while 24-carat gold has reached Rs 95,400 per 10 grams. Market analysts speculate that prices could potentially touch Rs 1 lakh in a few days.
Opinions of the market experts
This uptrend is beginning to strikingly impact consumer behaviour. For many families, buying gold has traditionally been a matter of pride during celebrations like weddings and birthdays. However, the steep increase in prices has led many to reconsider or scale down their purchases, with some opting for smaller quantities than initially planned.
It is reported by some local jewellers that individuals who planned to buy over 50 grams for occasions are now settling for around just 35 grams.
There is also growing pressure on jewellers to offer reductions in making charges to alleviate the burden of high gold costs on customers.
Business owners highlight that such price fluctuations contribute to a climate of uncertainty, prompting consumers to go for smaller purchases of the yellow metal.
The recent volatility in gold prices is largely due to ongoing trade tensions between the United States and China, which have caused instability in global stock markets. Gold is often seen as a safer investment in such scenarios.
Additionally, several countries' central banks have been purchasing gold to mitigate the influence of the US dollar, thereby influencing prices upward. In light of the fact that prices dropped by Rs 3,350 in just four days a few months ago, the current unexpected surge poses challenges for consumers.
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The main reason behind the gold price hike is market volatility and extra buying by the central banks of different countries. Investors now prefer to invest money in buying gold than anything else. Unless market conditions alter significantly, gold may reach the landmark price of Rs 100,000 in the near future,” a noted market expert, Trinath Lenka indicated.
Reported By: Kapilendra Pradhan, Maudi Barik, Ratnakar Pradhan
