BHUBANESWAR: Gold prices in the state have scaled a record high, trading at close to Rs 1.19 lakh per 10 gram - a growth of over 60 per cent in the last 24 months.
Jewellers, however, are hopeful that this astronomical rise may not have an impact on the ‘auspicious’ buying of the precious yellow metal during Dhanteras, which will be celebrated on October 18.
Price of gold has been steadily rising since September this year and currently and increasing every day. As on Thursday, gold rate in Bhubaneswar and Cuttack for 24 carat purity variant was Rs 1,29,440 per 10 gram, Rs 1,18,650 per 10 gm for 22 carat variant and Rs 97,080 for 18 carat variant.
Experts said between August and September this year, the price of both 24 and 22 carat gold increased by 11.75 per cent. Compared to last year’s Dhanteras, there has been a 63 per cent rise in the price of both 22 carat and 24 carat gold in the state.
Secretary of Odisha Jewellers’ Association Sourav Roy attributed the price push primarily to buying by central banks of different countries. Jewellers predict that given the rate at which the price is currently rising, gold will trade at Rs 2 lakh for 10 gram by the end of this financial year.
“But we are hopeful that this will not shadow gold sales during Dhanteras. An indication of this is that the footfall at all the jewellery outlets has only increased since Durga Puja this year. People have been buying jewellery almost every day since Durga Puja for the wedding season ahead,” Roy said.
Four months back, gold rate had dropped by Rs 2,000 across different purity levels and experts had predicted it to further come down from Rs 90,000 to Rs 56,000 due to surge in price of the US dollar. But, that never happened. “Now that people realise that the price will never come down and move north, they want to make their purchases now,” he added.
To lure customers ahead of Dhanteras, jewellery outlets have announced discounts on making charges and gifts on every purchase. At small to medium size jewellery outlets, making charges currently range between Rs 800 and Rs 899 and are likely to rise too in the coming days. It is because, big outlets are now charging 15 per cent to 35 per cent of the gold rate as the making charge and this will have an impact on goldsmiths working for small-medium outlets, experts said.
Interestingly, silver too is selling at Rs 200 per gram and Rs 2.06 lakh per kg. Silver sold at Rs 1.01 lakh per kg during this period last year. The Twin City has over 250 jewellery stores, both small and big.
