Bhubaneswar, June 10: In a major relief for consumers, gold and silver prices witnessed a significant decline in Odisha on Wednesday after weeks of steep increases in precious metal rates.

According to the latest market data, the price of 24-carat gold fell by Rs 4,300 per 10 grams, bringing it down to Rs 1,48,860. Similarly, 22-carat gold became cheaper by Rs 3,806 per 10 grams and is now trading at Rs 1,35,961.

Silver prices also registered a sharp correction. The white metal dropped by Rs 10,000 per kilogram and is currently priced at Rs 2,60,000 per kg.

Market observers said the decline is part of a broader downward trend seen over the past week. During the last seven days, gold prices in Odisha have fallen by nearly Rs 4,500 to Rs 5,000 per 10 grams, while silver prices have declined by over Rs 20,000 per kilogram.

The latest correction comes after an extraordinary surge in gold and silver prices triggered by the Centre’s decision to substantially increase customs duty on gold imports. The move led to a dramatic rise in rates from May 13, causing concern among consumers, particularly during the wedding season.

At the peak of the rally, 24-carat gold had surged by Rs 13,910 per 10 grams in a single day, pushing prices close to Rs 1.68 lakh. Likewise, 22-carat gold climbed by Rs 12,750 per 10 grams to cross Rs 1.53 lakh, while 18-carat gold also recorded a jump of more than Rs 10,000.

Silver, too, witnessed an unprecedented spike, rising by Rs 30,000 per kilogram in a single day and touching nearly Rs 3.30 lakh per kg. With GST and making charges added, jewellery purchases had become increasingly expensive for customers.

Traders believe the latest fall in prices could revive consumer demand and provide a boost to jewellery sales across Odisha in the coming days.