Hyderabad: Gold prices recorded a slight decline in Hyderabad on Friday after several days of continuous gains, while silver rates continued their sharp upward trend in the bullion market.
According to the Good Returns website, the price of 24-carat gold dropped by Rs 440 and reached Rs 1,59,490 per 10 grams as of 10.30 am. Similarly, 22-carat jewellery gold declined by Rs 400 and settled at Rs 1,46,200 per 10 grams.
Traders said the correction in gold prices offered limited relief to buyers after the recent surge in bullion rates. However, silver rates moved sharply upward and added pressure on retail and wholesale buyers across the market.
Meanwhile, silver prices jumped by Rs 5,000 per kilogram and touched Rs 2,95,000 in Hyderabad. Bullion dealers said silver demand remained strong despite rising prices.
Market observers noted that fluctuations in international bullion trends and investor demand continued to influence domestic precious metal prices.
Silver rates rise sharply across major cities
Bullion prices in Vijayawada remained almost similar to Hyderabad rates during Friday trading sessions. At the same time, several major cities also reported high precious metal prices.
Chennai recorded the highest 24-carat gold price at Rs 1,61,240 per 10 grams. Mumbai reported 24-carat gold at Rs 1,59,490, while Delhi recorded Rs 1,59,640 per 10 grams.
Across the country, silver prices ranged between Rs 2.85 lakh and Rs 2.95 lakh per kilogram depending on local market conditions.
Jewellery traders said buyers continued monitoring market movements closely because of repeated fluctuations in bullion prices during recent weeks. In addition, retailers expected demand to remain cautious if silver and gold prices stayed at elevated levels.
Analysts also stated that precious metal markets could remain volatile in the coming days due to global economic trends and changing investor sentiment.
