Hyderabad Gold Prices Plummet ₹1,480 in Single Day
Gold and silver prices continued to decline in Hyderabad on Tuesday, marking their third consecutive day of falling. The decrease in gold prices has provided some relief to buyers in the Telugu states.
The price of 24-carat gold fell by ₹1,480 in a single day, while silver prices declined by nearly ₹3,900. In Hyderabad, the price of 24-carat gold stood at ₹1,51,730 per 10 grams on Tuesday, down from ₹1,55,840 on September 20.
The decline in gold prices is attributed to developments in international markets, rising crude oil prices, and movements in the US dollar. The international spot gold price was reported at $4,137.
Analysts warn that gold prices could continue to fall if the strength of the dollar and prevailing economic conditions persist. Market experts advise buyers to check the jewellery weight, making charges, wastage, and taxes before making a purchase.