Gold Hits Record High, Odisha Consumers Feel the Pinch
Silver Surges to 14-Year Peak as Global Rally Pushes Prices Beyond Reach for Many Families
Bhubaneswar : Gold and silver prices touched historic highs, triggering both excitement and concern among consumers and jewellers across Odisha. While global factors drove the rally, the steep rise in domestic prices has left many households in the state worried about affordability, especially ahead of the festive and wedding season.
Gold futures on the Multi Commodity Exchange (MCX) for December delivery rose by ₹458 or 0.41 per cent to reach an unprecedented ₹1,10,047 per 10 grams. Meanwhile, the price of 24-carat gold in the retail market climbed to ₹10,804 per gram, according to the India Bullion and Jewellers Association (IBJA). Silver also surged, hitting a 14-year peak in international markets, with its domestic price hovering at record levels.
Global Cues Driving the Surge
The rally in precious metals followed disappointing labour market data in the United States. Non-farm payrolls rose by only 22,000 in August, far below the forecast of 75,000, while unemployment spiked to 4.3 per cent. These numbers reinforced expectations that the US Federal Reserve will implement aggressive rate cuts, potentially up to 75 basis points this year.
The dollar index dropped to a six-week low, while US 10-year Treasury yields declined, further boosting demand for safe-haven assets like gold and silver. Analysts also pointed to rising industrial demand for silver, particularly from the electric vehicle and solar sectors, as an additional factor supporting the rally.
Impact on Odisha’s Markets
In Bhubaneswar, Cuttack, and Berhampur, jewellers reported a sharp dip in footfall. “Customers are postponing purchases because prices are simply unaffordable right now. Even small items like bangles and rings are costing 20 to 25 per cent more than last year,” said a jeweller.
For middle-class families preparing for weddings, the soaring gold rates are proving to be a heavy burden.
ETFs and Investment Demand Rising
While household buyers are hesitant, investment demand for gold is climbing. India’s gold exchange-traded funds (ETFs) saw net inflows of \$233 million in August 2025, marking a 67 per cent jump from July, according to the World Gold Council. Financial advisors in Odisha say this trend is visible among urban investors who are increasingly viewing gold as a hedge against uncertainty.
gold prices have strong support at ₹1,08,040–₹1,07,640 per 10 grams and resistance at ₹1,08,950–₹1,09,450. Silver, meanwhile, has support at ₹1,24,750–₹1,23,950 and resistance at ₹1,26,350–₹1,27,150. The overall momentum remains bullish, and prices could remain volatile ahead of the US Fed meeting on September 17.
Festive Season Outlook in Odisha
With Durga Puja & Dhanterash approaching, jewellers in Odisha are banking on festive offers to revive demand. However, many admit that volumes may shrink considerably if prices remain above the ₹10,500 mark per gram. “Traditionally, people buy gold during Puja for auspicious reasons. But this year, they may limit purchases to coins or very light jewellery,” said a Bhubaneswar-based jeweller.
The surge in gold and silver has once again highlighted the vulnerability of Odisha’s consumers to global economic trends. While investors may benefit, ordinary families—especially those with weddings lined up—face tough choices as precious metals slip further out of reach.
