Hyderabad: Hyderabad bullion rates declined sharply on Friday after precious metals recorded continuous gains earlier this week. The correction brought relief to jewellery buyers and retail investors as both gold and silver prices witnessed steep declines in the local market.
The price of 24-carat gold dropped by Rs 2,240 per 10 grams and settled at Rs 1,60,090 in Hyderabad. At the same time, 22-carat gold used for jewellery fell by Rs 2,050 per 10 grams. The metal is currently trading at Rs 1,46,750.
Bullion traders linked the decline to fluctuations in international markets, changes in the dollar index, and profit booking by investors. They said uncertainty in global economic conditions and geopolitical tensions in West Asia also influenced precious metal prices.
Market observers noted that buyers had delayed purchases after gold prices touched record levels earlier this week. The sudden correction encouraged many retail consumers to return to jewellery stores and bullion outlets in Hyderabad.
Hyderabad bullion rates decline as silver loses Rs 15,000
Silver prices also recorded a major fall over the last two days in the Hyderabad market. According to market data, silver rates dropped by nearly Rs 15,000 per kilogram during the period.
On Friday alone, silver prices declined by Rs 10,000 per kilogram. Silver is now trading at Rs 3,05,000 per kilogram in Hyderabad. Until Wednesday, the metal remained near peak levels before witnessing a sharp correction.
Traders said silver prices remained highly volatile because of fluctuations in international demand and investor sentiment. They added that many investors preferred profit booking after recent gains in bullion markets.
Business analysts stated that domestic bullion prices usually respond quickly to global developments. They said future movements in gold and silver prices would depend on international market stability, currency trends, and geopolitical developments.
Jewellery traders in Hyderabad expect demand to improve if prices remain stable in the coming days. Retail buyers are also closely tracking market movements ahead of the upcoming wedding and festive season.
