Hyderabad: Gold prices fall sharply in domestic markets 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 across the country. However, prices corrected over the last three sessions, bringing noticeable respite to consumers.
The rate of 10 grams of gold dropped from around ₹8,580 to ₹7,850 during this period. Market experts attributed the correction to global uncertainties and shifting trends in international markets. Meanwhile, the Indian rupee weakened by another 67 paise against the US dollar, influencing bullion movements.
Gold prices fall; silver records steep correction
According to market data for March 4, the price of 24-carat gold declined by ₹3,110 per 10 grams and settled at ₹1,64,510. Similarly, 22-carat gold fell by ₹2,850 per 10 grams to ₹1,50,800.
Silver prices also registered a sharp drop. In January, the metal had surged nearly 60 percent and crossed ₹4,00,000 per kilogram. However, rates began declining from February and fluctuated in recent days between ₹2,70,000 and ₹3,00,000 per kilogram.
On Wednesday, silver fell by ₹20,000 per kilogram. Consequently, the metal settled at ₹2,95,000 per kilogram in the market.
