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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

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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.

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National News

Gold Prices Decline On Easing Global Tensions

Gold and Silver ETFs Face Selling Pressure As Easing Geopolitical Risks, A Stronger US Dollar, and Hawkish Fed Signals Weigh On Bullion Prices; IBJA Releases Latest Indicative Retail Rates

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Gold prices have experienced a downward trend this week, driven by a significant easing of global geopolitical tensions following the recent US-Iran peace agreement and the ceasefire between Israel and Lebanon.

Gold and silver exchange-traded funds (ETFs) came under selling pressure on Friday as precious metal prices remained on track for a third consecutive weekly decline.

The weakness followed a stronger US dollar and hawkish signals from the US Federal Reserve, which weighed on bullion prices.

IBJA has released the latest indicative retail selling rates.

Metal / PurityRetail Selling Rate
Fine Gold (999) / 24KRs. 14,497 per gram
22K GoldRs. 14,149 per gram
20K GoldRs. 12,902 per gram
18K GoldRs. 11,743 per gram
14K GoldRs. 9,351 per gram
Silver (999)Rs. 2,31,973 per kg

These baseline rates serve as market indicators and are strictly exclusive of the mandatory 3% Goods and Services Tax (GST) as well as any additional making charges applied by individual jewelers.

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