Market instability drives gold prices higher as demand peaks in Odisha

Bhubaneswar, Jan 31: Gold prices continue to escalate daily, raising concerns as the wedding season approaches. The current instability in the global market has led to a surge in gold rates, pushing them toward the Rs 80,000 per 10 grams mark.

In Bhubaneswar, the price of 22-carat gold is currently set at Rs 77,400 per 10 grams, while 24-carat gold is priced at Rs 84,400 per 10 grams. Last week alone, gold prices rose significantly by thousands of rupees.

Experts attribute this increase primarily to global market volatility, which has prompted investors to shift their focus from the dollar to gold as a safer investment. If this uncertainty persists, analysts anticipate that gold prices could rise even further in the coming days.

In Odisha, gold prices are influenced by various factors, including international market trends, currency exchange rates, and local demand. The state’s abundant mineral resources enhance its importance in the precious metals market. Moreover, state taxes also impact gold pricing. Demand typically surges during festive and wedding seasons, leading to price fluctuations.

While traditional gold investments such as jewelry, coins, and bullion remain favored, modern options like Exchange Traded Funds (ETFs), sovereign gold bonds, and digital gold are increasingly appealing to investors.