As Odisha enters its wedding season, a time of year steeped in cultural opulence and tradition, precious metal markets are experiencing a surge in gold prices, leaving potential buyers and investors anxious.
Gold prices have escalated by approximately Rs 3,000 to Rs 4,000 within a single week. Today, 22-carat gold is priced at Rs 73,900 for 10 grams, a significant leap from Rs 71,000 five days ago. The market price for 24-carat gold has also surged, now exceeding Rs 80,000.
Experts ascribe this unexpected climb to the instability in global markets, the weakening of the Indian rupee against the US dollar, and an increase in gold investment by those seeking a haven for their assets. The international price of gold has risen by several hundred dollars in the past month, compounding the issue.
This spike in gold prices poses a challenge for families preparing for marriage ceremonies, where gold is a customary and esteemed gift. In cities such as Bhubaneswar, the prices are skyrocketing, with 22-carat gold peaking at Rs 73,900 and 24-carat at Rs 80,620 today.
“The price of gold has skyrocketed and as a result, people are not able to buy the precious metal. People are buying less amount of the precious metal than their requirement,” rued a customer in Bhubaneswar.
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“We are not able to buy any gold ornament as per our choice because of the huge surge in the price of the precious metal,” said another customer in Bhubaneswar.
Amid continued global market uncertainty, financial experts warn that gold prices could remain volatile, urging investors to strategise their purchases carefully. For over a month and a half, gold prices had been relatively stable around Rs 70,000 for 10 grams, providing a temporary relief to consumers.
“As the dollar is getting strong and money becoming weak, it has a huge impact on the price of gold,” said economic expert Trinath Lenka.
As the Indian wedding season approaches, this surge amplifies anxiety for families, businesses, and investors alike, emphasising the need for careful financial planning in procurement and investment decisions.
“Price of the gold has been gradually increasing for the last five days. While the price of 22-carat gold is Rs 73,900, cost of 24-carat gold is Rs 80,620 in Bhubaneswar,” said J&T Jewellery business head Pramod Rath.
