Odisha Gold Price Update: Bhubaneswar Nears ₹80,000 for 10g of 24k Gold
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| Gold Price in Bhubaneswar |
Gold Prices Hit Record High, Close to Rs 80,000 Mark
Gold prices in India reached a new high of Rs 79,865 per 10 grams on Friday, nearing the Rs 80,000 milestone, according to bullion traders. This sharp rise occurred across most metro cities, reflecting global market trends.
Price Surge in One Day
In just one day, the price of gold increased by Rs 795, rising from Rs 79,100 per 10 grams on Thursday. This rapid price surge is linked to developments in the international market, which has been affected by ongoing geopolitical tensions and global economic uncertainties.
Gold Prices in Bhubaneswar, Odisha
Gold price in Bhubaneswar:
₹78,140 (10g of 24k gold) + ₹220.00
In Bhubaneswar, Odisha, the price of gold followed a similar upward trend. As of Friday, the price for 10 grams of 24k gold (99.9%) stood at Rs 78,140, reflecting an increase in alignment with the nationwide surge. The price is edging closer to the Rs 80,000 mark, driven by the same factors impacting global markets.
Expert Insights on the Price Hike
Haresh Acharya, director of the India Bullion and Jewellers' Association (IBJA), explained, “Considering the global rate of increase in gold prices, it is expected that the price of gold will soon cross the Rs 80,000 mark.”
Why Are Gold Prices Rising?
One of the key reasons for the rising prices is the geopolitical tension in the Middle East. In addition, there are expectations of further interest rate cuts globally, which are supporting the upward trend. Central banks have been buying large amounts of gold, adding to its demand as a safe asset during these uncertain times.
The Value of Gold
Gold has always been considered valuable due to its scarcity and historical significance. Throughout history, gold has been seen as a representation of wealth and has been used as a form of money. Although the gold standard is no longer in use, gold still holds immense value as a global asset and a hedge against economic instability. It is also used in various industries, including electronics and aerospace.
The combination of gold's rarity, beauty, and multiple uses continues to support its value in the market.
Conclusion
With gold prices nearing Rs 80,000 and showing no signs of slowing down, it remains an attractive investment for individuals and institutions alike. This price surge highlights the importance of gold in uncertain times, both as a store of wealth and a safe haven asset.
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