Bhubaneswar, Dec 23: Gold and silver prices registered a sharp rise on Monday, driven by global economic factors and increased demand for safe-haven assets. In Bhubaneswar, the price of 24-carat gold rose by ₹1,970 per 10 grams, while 22-carat gold increased by ₹1,800. Following the hike, 24-carat gold is now priced at ₹1.36 lakh per 10 grams, and 22-carat gold at ₹1.24 lakh per 10 grams.
Silver prices also moved higher, gaining ₹5,000 per kilogram to reach ₹2.31 lakh. So far this year, gold prices have surged by ₹57,808, while silver has become costlier by ₹1.21 lakh.
Market experts attribute the rise in gold prices to a weakening US dollar following interest rate cuts by the Federal Reserve, which has reduced the cost of holding gold and boosted investor demand. Ongoing geopolitical tensions, particularly the Russia–Ukraine conflict, have further added to global uncertainty, encouraging investors to turn to gold as a safe investment. Central banks across several countries have also stepped up gold purchases, lending additional support to prices.
Silver prices, meanwhile, are being driven by strong industrial demand, especially from the solar, electronics, and electric vehicle sectors. US companies are reportedly stockpiling silver amid supply constraints and fears of production disruptions, tightening availability in the market and pushing prices higher.
Ajay Kedia, Director of Kedia Advisory, said silver prices could touch ₹2.50 lakh per kilogram within a year, while gold prices may climb to ₹1.50 lakh per 10 grams.
