Bhubaneswar, June 24: Gold and silver prices witnessed a significant decline in the state’s bullion market on Tuesday, bringing relief to customers and investors. A sharp drop was recorded in the rates of both 22-carat and 24-carat gold, while silver prices also fell considerably.
According to market sources, the price of 22-carat gold in Bhubaneswar decreased by ₹3,100 per 10 grams, settling at ₹1,32,550. Similarly, 24-carat gold saw a decline of ₹3,380 and is now priced at ₹1,44,600 per 10 grams.
Silver prices also registered a major correction. The metal became cheaper by ₹5,000 per kilogram, bringing its current market price down to ₹2,50,000 per kg.
Market experts attribute the decline to a combination of global geopolitical uncertainties and increased selling activity in the domestic market. Rising tensions in the Middle East have prompted many investors to maintain higher cash reserves, leading to increased sales of old gold holdings.
The influx of old gold into the market has boosted supply, putting downward pressure on prices. In addition, investors are engaging in large-scale profit booking after gold touched record highs in recent months, further contributing to the fall in rates.
Analysts believe gold and silver prices may remain volatile in the coming days, depending on developments in international markets. However, with the wedding season approaching, the decline in precious metal prices is expected to provide much-needed relief to consumers planning jewellery purchases.
