As Dhanteras approaches, a time traditionally marked by fervent gold buying in Odisha, the region’s gold markets are witnessing an unexpected slump. Gold prices have surged to unprecedented heights, causing both jewellers and customers to rethink their purchasing decisions.

What would usually be a vibrant start to the festival season is now characterized by quiet shops and hesitant buyers. The sharp increase in gold prices has led to a significant drop in demand, with customers choosing to delay or reduce their purchases. "People who once bought 30–40 grams are now opting for silver, while those who bought 20 grams are now settling for just 5 grams," shared a local jeweller.

Analysts attribute the price hike to a blend of global and domestic factors. Geopolitical tensions, rising inflation, and increasing crude oil prices are among the contributors. However, the recent tariffs imposed by former US President Donald Trump are seen as a key catalyst, driving investors to gold as a safe-haven asset.

Furthermore, speculation surrounding US Federal Reserve rate cuts and the increasing gold reserves by central banks, including the Reserve Bank of India, are amplifying the upward pressure on gold prices.

As Odisha’s gold markets face an uncertain future, jewellers fear a prolonged slowdown. Customers, caught between tradition and soaring costs, are left wondering if gold will still glitter as a symbol of prosperity or become a heavy financial burden this Dhanteras.