Gold and Silver Prices Surge Sharply, Shocking Buyers Amid Wedding Season Demand

Sharp Rise in Precious Metal Prices

Gold and silver prices have witnessed a steep rise, leaving buyers worried as rates continue to climb without signs of stabilisation. The sudden surge in prices has created panic among consumers, especially those planning purchases ahead of the upcoming wedding season.

Gold Prices Hit Record Levels

In the domestic market, gold prices recorded a sharp increase on Tuesday morning as trading began. In Bhubaneswar, the price of 24-carat gold increased by ₹1,470 per 10 grams, reaching ₹1,53,930.

Similarly, 22-carat gold rose by ₹1,350 per 10 grams, touching ₹1,41,100. The continuous rise has made gold increasingly unaffordable for middle-class families.

Silver Also Follows Upward Trend

Silver prices have also surged significantly, increasing by ₹5,000 per kilogram. The white metal is now priced at around ₹2,65,000 per kilogram, reflecting the strong upward trend in precious metals.

Global Factors Driving the Surge

Experts attribute the price rise to global economic developments, particularly fluctuations in the US dollar and increasing demand from investors seeking safe-haven assets. Uncertainty in international markets has further boosted demand for gold, directly impacting domestic prices.

Impact on Wedding Season Buyers

With the wedding season approaching, rising prices are causing concern among buyers. Even purchasing 10 grams of gold now requires a significantly higher budget, putting pressure on middle-class households.

Jewellery showrooms are now displaying updated price boards reflecting the new rates, and customers are advised to check prices before making purchases.

Investment Trends and Market Uncertainty

Market experts suggest that gold may continue its upward trend due to ongoing global instability. Many investors are turning to gold as a secure investment option, further increasing demand and pushing prices higher.

At the same time, investors remain uncertain whether to buy now or wait for a possible correction in prices.

While some consumers are considering exchanging old gold jewellery at higher rates, experts believe that market volatility is likely to continue for a few more days. Whether this upward trend will persist or stabilize remains to be seen.