Gold prices hit record high in Odisha, surge over Rs 3,000 in a day in Bhubaneswar

Gold prices touched a record high in Bhubaneswar on Tuesday, registering a sharp rise amid strong global cues and growing investor demand for the yellow metal.

According to market sources, the price of 24-carat gold in Bhubaneswar stood at Rs 1, 38,550 per 10 grams today, marking an increase of Rs 3,270 compared to the previous day. With this steep jump within a single day, 24-carat gold has reached a record level in the local market.

Similarly, the price of 22-carat gold also witnessed a significant rise. It was selling at Rs 1, 22,000 per 10 grams in Bhubaneswar, up by Rs 3,000 from Monday’s rate. Jewellers said the surge has pushed gold prices to historic highs, dampening retail demand but boosting investor interest.

Why Gold Price Is Rising? 

Economist Trinath Lenka said projections of possible interest rate cuts next year have further strengthened investor confidence in gold, leading to sustained buying and pushing prices to record levels.

Market experts attribute the sharp rise in gold prices to multiple global and domestic factors. Increased investment in gold as a safe-haven asset has driven prices higher, especially amid geopolitical tensions and ongoing trade-related uncertainties across the world. A weakening US dollar has further supported the rally in gold prices.

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Expectations of interest rate cuts in the United States have also fuelled demand for gold, as lower rates reduce the opportunity cost of holding the precious metal. Additionally, central banks in several countries have been increasing their gold reserves, adding to the upward pressure on prices.