As gold prices surge in India, Odisha emerging as mining hotspot: Report

The most notable finding of gold has been made in Deogarh district. Meanwhile, a G-2 level exploration of copper is also under way in the region by the GSI.

With gold reserves being discovered in many districts of the state, Odisha has now emerged as the hotspot of gold mining in India.

As per a report in The Times of India, Bibhuti Jena, who is the mines minister of Odisha, confirmed that gold deposits are being discovered in the state, and a search operation to explore more gold is under way in several locations.

As per the publication, while search ops are under way in districts such as Malkangiri, Sambalpur, and Boudh, gold has been found in Sundargarh, Nabarangpur, Keonjhar, and Deogarh. Other places such as Mayurbhanj, including Jashipur, Suriaguda, Ruaansi, and Idelkucha, are also being searched for gold reserved.

The most notable finding of gold has been made in Deogarh district at Adasa-Rampalli, TOI reported. Meanwhile, a G-2 level exploration of copper is also under way in the region by the Geological Survey of India (GSI).

The government has reportedly expressed keen interest in using these reserves and is planning the "first-ever" gold mining block auction in Deogarh. The mining procedure is being monitored by the state government, the GSI, and Odisha Mining Corporation. However, technical committees are said to review the final exploration reports before they move forward with the commercialisation.

This comes at a time when gold prices are surging in India as they increased by Rs 365 to Rs 91,050 per 10 grams in the national capital on Thursday amid a strong trend in the overseas markets, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had closed at Rs 90,685 per 10 grams on Wednesday.

Gold of 99.5 per cent purity also rose by Rs 365 to Rs 90,600 per 10 grams against the previous close of Rs 90,235 per 10 grams.

"Gold maintains its gains as the global risk sentiment has been increased, following the new auto tariffs announced by the US President Donald Trump on Wednesday," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Meanwhile, gold prices on Friday jumped by Rs 326 to Rs 88,710 per 10 grams in futures trade, driven by firm spot demand.

(With PTI inputs)