There is big news for consumers from the state’s jewelry market. There has been a significant decline in the prices of gold and silver today, which has shocked consumers and investors. In the capital Bhubaneswar, a huge decline has been recorded in the prices of both 22 carat and 24 carat gold per 10 grams today. Similarly, the price of silver has also become cheaper by thousands of rupees. According to information received from market sources, there has been a change in the price of gold in the capital Bhubaneswar today. 22 carat gold has fallen by Rs 3,100 in its price, which has come down to Rs 1,32,550. After the biggest decline in the price of 24 carat gold, i.e. a fall of Rs 3,380, it has now reached Rs 1,44,600.
On the other hand, silver has also been continuously getting cheaper. The price of silver per kilogram has fallen by Rs 5,000 and has now come down to Rs 2,50,000. According to market analysts and economists, the sharp decline in gold prices is due to global events and local market conditions. The main reasons for this are:
- Geopolitical instability and the need for cash
Currently, the growing military and political unrest around the world, especially in the Middle East region, has created uncertainty at the international level. Amidst this instability, people want to increase the availability of cash to protect their future. As a result, a large number of people are collecting cash by selling their old gold to keep money in case of emergency.
- Abundant supply in the market
On the one hand, while people are selling gold for cash, a large amount of old gold is entering the market. As the supply of gold in the market has suddenly increased significantly compared to the demand, this has had a direct impact on the price and the price has been continuously falling.
- Huge profit booking
Another major reason for the fall in gold prices is the ‘profit booking’ going on in the market. Since gold prices are already at a very high level, investors and common people want to take advantage of this high price and make good profits. As a result, they are making huge profits by selling their gold in the market. “The volatile situation in the global market and profit booking in the local market have increased the supply. Until the international situation normalizes, such volatility or decline in gold and silver prices may continue,” experts said. Since the wedding season is in the coming days, this price reduction is expected to provide some reassurance to the common consumer.
