Gold prices fall sharply in Hyderabad; silver drops Rs 15,000 in two days
Hyderabad: Gold prices fall sharply in the Hyderabad bullion market after rising continuously for the last four days, bringing major relief to buyers.
Market experts attributed the decline to international developments, fluctuations in the global market and profit booking by investors.
The price of 24-carat gold declined by Rs 2,240 per 10 grams and reached Rs 1,60,090 in the Hyderabad bullion market.
Similarly, the price of 22-carat gold used for jewellery dropped by Rs 2,050 per 10 grams. It is currently trading at Rs 1,46,750.
Meanwhile, silver prices also witnessed sharp fluctuations in the market.
Gold prices fall as silver rates decline sharply
According to market data, silver prices dropped significantly over the last two days in Hyderabad.
The price of silver fell by nearly Rs 15,000 per kilogram within two days, surprising both investors and retail buyers.
On Friday alone, silver prices declined by Rs 10,000 per kilogram. As a result, silver is currently trading at Rs 3,05,000 per kilogram.
Until Wednesday, silver prices remained at peak levels. However, the recent decline brought relief to buyers.
Business experts said changes in the dollar index and global geopolitical tensions in West Asia influenced gold and silver prices.
They said investors were increasingly opting for profit booking amid uncertainty in international markets.