Bhubaneswar: After witnessing a record surge, gold and silver prices have been declining over the past four days, but buyers in the twin cities are not in a hurry to make purchases. Instead, jewellers say customers are adopting a wait-and-watch policy, expecting prices to fall further.
On Monday, 24-carat gold sold at Rs 14,717 per gram and 22-carat gold at Rs 13,490/gram, marking a drop of Rs 1,341 and Rs 1,230, respectively, from Sunday’s rates.
Gold prices have been sliding since Jan 30, when a gram of 22-carat gold was priced at Rs 15,510 and 24-carat gold at Rs 16,920/g.
Silver prices also witnessed a sharp decline. Ten grams of silver sold for Rs 3,000 on Monday, Rs 200 less than Sunday’s price. After an explosive rise to nearly Rs 4,250/10g on Jan 30, silver price has fallen by around Rs 200-Rs 300 on an average, daily.
The wedding season in the state began on Jan 15 and will continue till Holi in March. The dip in gold and silver prices during the peak wedding season has come as a relief for families planning weddings in the coming weeks. However, the overall buying trend has remained steady so far.
City-based jeweller Epari Sadashiv said that while wedding-related jewellery purchases increased over the last four days, the rise has not been significant. “We are seeing mostly budget purchases for weddings and increased recycling of gold and silver, as prices were already quite high,” Sadashiv said.
Attributing the price drop to geopolitical uncertainties, Sourav Roy, secretary of Odisha Jewellers’ Association, said buyers are being cautious. “With frequent fluctuations in gold and silver prices, people are expecting further reductions. Usually, when prices fall, buying slows down as customers wait for them to drop more. We expect a rush only when prices stabilise,” Roy said.
He added that although gold prices have been rising since 2025, it has not deterred buyers, as gold continues to be viewed as a traditional investment and a necessity during weddings. However, the volume of sales has been impacted, with many customers opting for low-weight jewellery.
Diana Sahu is an Assistant Editor with the Times of India. With a...
Read MoreDiana Sahu is an Assistant Editor with the Times of India. With a professional career spanning nearly two decades, she has been writing extensively on education, livelihood, child rights, gender, heritage & culture, tourism and disability rights. She is also known for her data-driven investigative reports and compelling human interest stories.
Her in-depth story on 'Women in Higher Education' had won her the Best Feature Award at the Laadli Media Awards and a Laadli National Fellowship on 'Gender and Disability'. She had also received WNCB Fellowship on Child Rights.
Apart from her core reporting interests, she loves documenting the many aspects of Odisha's culture and heritage. She tweets at @DiannaSahu.
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