Gold and silver prices have reached unprecedented levels, driven by global and domestic factors.
In Bhubaneswar, the price of 24-carat gold surged by ₹1,470 per 10 grams, reaching ₹1,35,380. Similarly, 22-carat gold is now priced at ₹1,24,100, following a ₹1,350 increase per 10 grams.
Silver has also seen a dramatic rise, becoming ₹57,000 more expensive per kilogram this year, with the current price hitting ₹2,15,000.
The main catalysts for this sharp hike include significant buying by central banks, notably China, which is loading hundreds of tonnes into its reserves. Furthermore, global unrest, particularly the Russia-Ukraine war, has prompted investors to flock to gold as a safe-haven asset, boosting demand and price. The ongoing wedding season is also contributing to the increased demand.