June 10: Gold and silver prices witnessed a significant correction in Odisha on Wednesday, providing relief to consumers after recent highs in the bullion market.
The price of 24-carat gold declined by ₹4,300 per 10 grams, slipping below the ₹1.5 lakh mark. Silver prices also saw a steep drop of ₹10,000 per kilogram, marking one of the sharpest single-day declines in recent weeks.
Market analysts said the fall reflects volatility in global bullion trends, driven by fluctuations in international demand, currency movements, and shifting investor sentiment. Strength in the US dollar and changing expectations around interest rates have also contributed to pressure on precious metal prices.
Traders in local markets noted that the price correction has improved buying sentiment, especially among retail customers and jewellery buyers who had been waiting for a dip. However, they also cautioned that prices may remain unstable in the near term depending on global cues.
Despite the current decline, experts believe long-term demand for gold remains strong due to its safe-haven appeal, while silver continues to be influenced by both investment demand and industrial usage trends.
Overall, the price drop has brought temporary relief to consumers in Odisha, particularly during a period of steady demand in the domestic jewellery market.
