Gold hits all-time high in Bhubaneswar ahead of Dhanteras; what’s driving the rally?

Gold prices in Bhubaneswar have surged to a record high, with 24-carat gold now dearer by Rs 1,150 per 10 grams and 22-carat by Rs 1,050. The sharp rise comes just days before Dhanteras, traditionally considered the most auspicious time for buying gold, putting extra pressure on festive shoppers and jewellers alike.

After this price hike, the yellow metal has reached an all-time record level.

What’s Driving The Rise?

Gold is considered a safe-haven asset, and amid global economic uncertainties, investors have been increasing their holdings in recent years.

Experts say that Trump’s tariffs, the U.S. government shutdown, economic uncertainty, higher ETF inflows, a weaker dollar, and expectations of further rate cuts are all contributing to the surge in gold prices. Moreover, large, long-term investors, such as institutional buyers and global central banks, are steadily accumulating gold, further boosting overall demand.

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What’s The Near-Term Price Trend?

With Dhanteras and Diwali approaching, prices are expected to rise even further. Notably, many emerging markets or developing countries such as India, China, and Brazil still hold much less gold compared to developed countries like the U.S. and those in Europe. To balance their reserves and reduce dependence on the U.S. dollar, these nations are gradually increasing their gold holdings as part of a broader diversification strategy.