As wedding season unfolds, the surge in gold prices has created a financial burden for many customers, particularly in Bhubaneswar. On Tuesday, the price of 24-carat gold crossed Rs 87,000 per 10 grams, while 22-carat gold reached Rs 80,000, making gold increasingly unaffordable for middle-class families. For many Odia households, gold is not only a form of investment but also a key part of wedding traditions, leading to disappointment as the prices soar.
“We saved for years to buy gold for my daughter’s wedding, but the prices are now beyond our reach. We might have to settle for less gold or opt for artificial jewellery,” said Sunita Das, a homemaker. Middle-class families are feeling the pinch as weddings become more expensive, with many struggling to balance tradition with practicality. Mithilesh Mohanty, a government employee, expressed, “Gold ornaments have become a compulsion during weddings. Rising prices are making it harder to fulfill our aspirations.”
According to Sunjoy Hans, founder chairman of a leading jewellery brand, gold prices reached record levels after breaching a resistance mark of ₹79,200 per 10 grams. He also noted that global factors, including the US economy, are impacting gold prices in India.
Jewellers in the city have reported a noticeable decline in sales as high prices deter customers. “Many are opting for lighter jewellery or looking into alternatives like silver and diamond-studded pieces,” said S K Parida, manager at a prominent jewellery store. Experts attribute the rise in prices to global uncertainties, inflation, and a weakening rupee, driving demand for gold as a safe-haven asset.
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