Bhubaneswar, March 21: Gold prices have recorded a steep decline amid ongoing geopolitical tensions, marking the biggest weekly drop since 1983. The sudden fall has triggered a surge in customer footfall at jewellery shops across Bhubaneswar, with buyers rushing to take advantage of lower rates.

On Friday, gold prices dropped by over 10%, slipping below $4,500 per ounce. The per ounce price ranged between $4,477 and $4,735.81. Despite escalating tensions in the Middle East, international market trends have led to a sharp correction in gold and silver prices.

After witnessing a continuous rise throughout 2026, the recent dip has brought partial relief to consumers. Data shows that gold prices have fallen from ₹1,58,056 per 10 grams on March 1 to ₹1,33,800 currently, registering a decline of ₹24,760 within 21 days. In the last three days alone, prices have dropped by ₹12,000 per 10 grams.

Silver prices have also seen a significant fall, decreasing by ₹1 lakh per kilogram over the past month and ₹50,000 in the last week.

Although prices remain relatively high for middle-class families, the downward trend has provided some respite. With the wedding season approaching, markets are witnessing increased activity as customers purchase jewellery of their choice.