Hyderabad: Hyderabad gold prices declined sharply on Tuesday, bringing relief to buyers after several days of volatile movements. Silver prices also fell significantly in the city’s bullion market.
The decline followed weakness in the international bullion market, which weighed on domestic prices. As a result, consumers witnessed a notable drop in both gold and silver rates.
The price of 24-carat gold fell by ₹1,690 to ₹1,44,170 per 10 grams. Likewise, the price of 22-carat gold, widely used for jewellery, dropped by ₹1,550 to ₹1,32,150 per 10 grams. Silver also registered a steep decline. The price of one kilogram of silver fell by ₹5,000 to ₹2,35,000.
Hyderabad gold prices ease after market correction
Bullion experts said local prices continued to reflect movements in the international market. However, the final retail price may vary slightly across cities and jewellery stores because of local taxes and operational costs.
Buyers should also note that an additional 3% Goods and Services Tax (GST) applies to the quoted bullion prices. Therefore, the final purchase amount will be higher than the listed market rate.
The latest correction provided temporary relief to consumers planning to purchase jewellery or invest in precious metals. Meanwhile, traders continued to monitor global market trends for further price movements.