Gold and Silver Prices Witness Sustained Decline in Bhubaneswar
In a significant market shift, gold and silver prices in Bhubaneswar have been experiencing a consistent downward trend over the past four days. This comes after a period of record surges that had pushed precious metal values to unprecedented heights. Despite this decline, buyers in the twin cities are displaying remarkable restraint, with many opting to delay purchases in anticipation of further price reductions.
Current Price Levels and Recent Trends
As of Monday, the market witnessed 24-carat gold selling at Rs 14,717 per gram, while 22-carat gold was available at Rs 13,490 per gram. These figures represent substantial decreases from Sunday's rates, with drops of Rs 1,341 and Rs 1,230 respectively. The downward trajectory began on January 30th, when 22-carat gold was priced at Rs 15,510 per gram and 24-carat gold reached Rs 16,920 per gram.
Silver prices have followed a similar pattern, experiencing a sharp decline. On Monday, ten grams of silver sold for Rs 3,000, marking a decrease of Rs 200 from Sunday's price. This represents a significant correction from the explosive rise to nearly Rs 4,250 per 10 grams witnessed on January 30th. Since that peak, silver prices have been falling by an average of Rs 200 to Rs 300 daily.
Wedding Season Impact and Buyer Behavior
The timing of this price correction coincides with the ongoing wedding season in Odisha, which began on January 15th and will continue until Holi in March. While the dip in precious metal prices during this peak season has provided relief for families planning weddings in the coming weeks, the overall buying trend has remained surprisingly steady rather than experiencing the expected surge.
City-based jeweller Epari Sadashiv noted that while wedding-related jewellery purchases have increased over the last four days, the rise has not been particularly significant. "We are seeing mostly budget purchases for weddings and increased recycling of gold and silver, as prices were already quite high," Sadashiv explained, highlighting how previous high prices continue to influence current buying patterns.
Market Analysis and Future Expectations
Sourav Roy, secretary of the Odisha Jewellers' Association, attributed the price drop to ongoing geopolitical uncertainties that are affecting global precious metal markets. He observed that buyers are adopting a cautious approach in response to these fluctuations. "With frequent changes in gold and silver prices, people are expecting further reductions. Typically, when prices fall, buying activity slows down as customers wait for them to drop even more. We anticipate a significant rush only when prices stabilize," Roy commented.
Despite the current decline, Roy noted that gold has maintained its appeal as both a traditional investment and a wedding necessity, even though prices have been generally rising since 2025. However, the volume of sales has been impacted by the current market conditions, with many customers opting for lower-weight jewellery pieces to manage their budgets effectively.
The combination of price volatility, geopolitical factors, and strategic buyer behavior has created a unique market dynamic in Bhubaneswar's jewellery sector during what is traditionally the busiest season for precious metal purchases.
