Hyderabad: Silver prices fell sharply in Hyderabad for the second consecutive day on Saturday, bringing major relief to bullion buyers and jewellery consumers.
The decline came after bullion rates had surged heavily following the Centre’s decision to increase import duties earlier. However, market prices reversed unexpectedly over the last two days.
According to bullion market traders, silver prices crashed significantly on Saturday morning. As a result, the price of one kilogram of silver dropped by Rs.15,000 in Hyderabad and settled at Rs.2,90,000.
Notably, silver prices fall by a total of Rs.25,000 over the last two days in the city’s bullion market.
Gold prices also witnessed a gradual decline alongside silver. The price of 24-carat gold dropped by Rs.980 for 10 grams and traded at Rs.1,56,930.
Similarly, the rate of 22-carat gold declined by Rs.900 for 10 grams. The yellow metal was trading at Rs.1,43,850 in Hyderabad on Saturday.
Silver prices fall as bullion market cools
Bullion traders said both gold and silver prices showed a downward trend after recent spikes in rates. The correction in prices brought temporary relief for customers who had delayed purchases due to record-high rates.
Despite the latest decline, precious metal prices remained significantly higher compared to earlier months. Market observers said investors and consumers continued to closely track daily fluctuations in bullion prices.