Hyderabad: Gold prices declined sharply after a recent surge, offering relief to buyers planning purchases for weddings and other auspicious events.
Until three days ago, bullion rates had climbed steeply in domestic markets. However, prices corrected in the last three sessions, bringing noticeable relief to consumers.
In fact, the rate of 10 grams of gold dropped from around ₹8,580 to ₹7,850 during the period. Market experts attributed the fall in gold prices to global uncertainties and changing trends in international markets.
Meanwhile, the Indian rupee weakened further against the US dollar and slipped by another 67 paise. Analysts said currency fluctuations also influenced movements in bullion prices.
Gold prices drop sharply; silver also declines
According to market data for March 4, the price of 24-carat gold fell by ₹3,110 for 10 grams and settled at ₹1,64,510. Similarly, the rate of 22-carat gold declined by ₹2,850 for 10 grams and dropped to ₹1,50,800.
Silver prices also recorded a steep fall in the market. In January, the metal had surged nearly 60 percent and crossed the ₹4,00,000 mark per kilogram.
However, prices started declining from February and continued to fluctuate in recent days. The silver rate moved between ₹2,70,000 and ₹3,00,000 per kilogram in the market.
On Wednesday, the price of silver fell by ₹20,000 per kilogram. Consequently, the metal dropped to ₹2,95,000 per kilogram.