National News
Major Gold Reserves Unearthed in Odisha: A Game-Changer for India’s Mining Industry
Odisha’s Gold Discovery Sparks Optimism for Growth in the Mining Sector, with Plans for Large-Scale Auction Underway
Odisha has emerged as a promising new hub for gold mining, following the discovery of vast gold reserves across several districts. Bibhuti Jena, the state’s Mines Minister, confirmed the exciting find and announced ongoing exploration efforts. The state is set to hold a large-scale auction of gold mining blocks in the near future to capitalize on this newfound potential.
Key districts such as Sundargarh, Nabarangpur, Keonjhar, and Deogarh have been identified as hotspots for the gold reserves. Exploration is also expanding to regions like Malkangiri, Sambalpur, and Boudh, with more discoveries anticipated. In Mayurbhanj, areas like Jashipur, Suriaguda, Ruaansi, Idelkucha, Maredihi, Suleipat, and Badampahad are under investigation for their mineral potential.
One of the most notable discoveries has been in Deogarh district, specifically in Adasa-Rampalli, an area where gold traces had been found earlier. The Geological Survey of India (GSI) is actively conducting G-2 level exploration in this region, revealing the possibility of multiple mineral resources, including copper.
Keonjhar district is also a key focus for gold exploration, with surveys being carried out in areas like Gopur-Gazipur, Mankadchuan, Saleikana, and Dimirimunda. These efforts form part of Odisha’s larger strategy to develop its mining industry and fully utilize its untapped mineral wealth. The state government is closely involved, and the upcoming auction of gold mining blocks in Deogarh is seen as a major step forward.
The exploration is being carefully monitored by state authorities, the GSI, and the Odisha Mining Corporation, with technical committees set to review the final exploration reports to assess the viability of commercial mining. Early findings suggest promising potential, and final results are expected by the end of 2025.
This discovery further solidifies Odisha’s reputation as a mineral-rich state, while positioning India as a key player on the global mining stage. If the reserves prove commercially viable, the gold deposits could provide a significant economic boost, drawing both domestic and international investments into the country’s mining sector.
National News
Gold and Silver Prices Drop Post-Dussehra On Stronger US Dollar
Precious Metals Dip On Strengthening US Dollar, Persistent Global Inflation Concerns, and Shifting Interest Rate Expectations —
Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Wednesday following the Dussehra festival, pulled down by a strengthening US dollar, persistent global inflation concerns, and shifting interest rate expectations from the US Federal Reserve.
Gold futures fell by Rs 223 to trade at Rs 1,46,296 per 10 grams on the MCX, mirroring weak sentiment across overseas bullion markets. Silver experienced a sharper decline, tumbling by Rs 1,373 to trade at Rs 2,10,112 per kilogram.
Market Summary
Gold (MCX): Down Rs 223 at Rs 1,46,296 per 10 grams.Silver (MCX): Down Rs 1,373 at Rs 2,10,112 per kilogram.
Global Benchmark: Both metals traded weaker across international exchanges as the US dollar gained strength.
Primary Drivers: A firm US dollar index, sticky global inflation concerns, and hawkish signals surrounding the US Federal Reserve’s rate trajectory continue to exert downward pressure on precious metal valuations post-festive demand.
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