Skyrocketing gold prices, a big strain on wedding budget

Bhubaneswar: With wedding season on, the surge in gold prices has left customers worried. The price of 24-carat gold crossed Rs 87,000 per 10 grams in Bhubaneswar on Tuesday, while 22-carat gold touched Rs 80,000, making the precious metal increasingly unaffordable for the middle class. For many Odia households, gold ornaments are not just an investment but an integral part of cultural and ceremonial practices, especially during weddings. The current prices have forced many to reconsider their plans.
"We saved for years to buy gold for my daughter's wedding, but the prices are now beyond our reach. We might have to compromise on the quantity or opt for artificial jewellery, which is disheartening," said Sunita Das, a homemaker.
For middle-class families, the steep prices are an added strain in an already expensive wedding. "We are caught between tradition and practicality. During a wedding in the family, gifting gold ornaments has not only become a choice but a compulsion. The rising costs are making it very difficult to fulfil our aspirations," said Mithilesh Mohanty, a govt employee.
"The near-term resistance seems to be at around ₹79,200 per 10 grams on the upside before the budget. As this resistance level was breached, gold prices soared upwards and reached record levels," said Sunjoy Hans, founder chairman of leading jewellery brand, adding that the Trump administration's policies and actions for the US economy will have a significant impact on the global gold market and on gold prices in India.
Jewellers in the city have also reported a noticeable decline in sales. "The wedding season usually brings a surge in gold purchases, but this year, the high prices have deterred customers. Many are opting for lighter jewellery or exploring alternatives like silver and diamond-studded pieces," said S K Parida, manager at a prominent jewellery shop.
Experts attributed the rise in gold prices to global economic uncertainties, inflation, and a weakening rupee. "Gold prices are influenced by international markets, and the current geopolitical tensions and inflationary pressures have driven up demand for gold as a safe-haven asset," explained financial analyst Rajeev Sahoo.