Massive Gold Reserves Discovered In Odisha, Promising Economic Growth for India

Odisha is set to emerge as a major gold mining hub, with extensive deposits discovered across multiple districts. Significant gold reserves have been identified in Sundargarh, Nabarangpur, Angul, and Koraput, Odisha TV report said. Initial surveys further indicate the presence of gold mines in Malkangiri, Sambalpur, and Boudh districts. These discoveries place Odisha among India’s key gold-rich regions. Indian scientists have recently uncovered substantial gold reserves, particularly in multiple regions of the state of Odisha, positioning the state to become a central hub for gold mining. Experts suggest that these findings will significantly impact the future of India’s gold reserves. Geological surveys in the Deogarh district of Odisha indicate that the deposits are larger than the previously discovered Adasa-Rampalli gold deposits. Additionally, the Geological Survey of India (GSI) is exploring the area for copper, indicating diverse mineral wealth. The Odisha state government, GSI, and Odisha Mining Corporation are actively overseeing the exploration process. The ongoing efforts in Gopur-Ghazipur, Mankadchuan, Salekana, and Dimirimunda areas in the Keonjhar district aim to further develop Odisha’s mining sector. 

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The state government plans to effectively utilise these gold reserves. The Odisha government is preparing to hold its first-ever gold mining block auction in the Deogarh district. This auction will mark a significant milestone in the development of the state’s mining industry. Experts believe these steps will rapidly advance Odisha’s mining sector, establishing Odisha as a leading gold mining state in the future and bringing substantial economic benefits to the state and the country.
 

In the wake of Donald Trump's tariff uncertainty fueling the safe-haven demand for the precious yellow metal, the MCX gold rate today climbed to a new peak for the seventh time in 2025. MCX gold rate opened with an upside gap and climbed to a new peak of ₹90,830 per 10 gm, bettering the previous peak of ₹90,797 per 10 gm.The yellow metal has gained more than 18 per cent this year as retail investors continue to drive demand. Goldman Sachs, Bank of America, and UBS have raised their price targets for gold this month.According to a report by BofA Global Research, the bullion is likely to reach $3,500 per ounce in the next 18 months if non-commercial purchases increase by 10 per cent."Gold could potentially reach USD3,500/oz over the coming 18 months, if non-commercial purchases increase by 10 per cent," it said in a note, adding that central banks around the world could increase their gold holdings to over 30 per cent from the current 10 per cent (on average) to make their portfolios more efficient.Gold emerged as one of the top-performing asset classes in India in 2024, with a remarkable 21 per cent return year-on-year (YoY). The Indian market has shown a strong investment interest in gold, driven by record inflows into gold ETFs.The Reserve Bank of India (RBI) also continued its trend of gold accumulation, adding 72.6 tonnes of gold to its reserves in 2024, bringing its total reserves to 876 tonnes. This marks the seventh consecutive year the RBI has been a net buyer of gold. Gold now constitutes 10.6 per cent of the RBI's foreign exchange reserves.While high prices affected jewellery demand, the investment demand for physical gold, especially bars and coins, remained strong.