Gold price plunges for third straight day in Hyderabad amid wedding season

The consecutive days of declining gold price have taken many buyers by surprise, given the traditional preference for gold jewellery.

Hyderabad: While it is the norm that gold prices hike around the wedding season, this year’s trend is what not buyers expected. Taking many by surprise, at the peak of this celebratory season, the glimmer of gold seems to be fading.

This precious metal, whose ornaments largely adorn south-Indian women in several south-Indian celebrations, witnessed a significant drop for the third consecutive day.

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Just a few days ago on May 5, the 24-karat gold per 10-gram price was at a grand Rs. 62, 400. However, after a few fluctuations in the market, it is seen that the price has been dropping significantly since last Tuesday.

On Friday, the 24 karat gold per 10 gram price settled at Rs 60,870, marking a substantial decline of Rs 330 from the previous day’s rate. This followed a drop of Rs 220 on Thursday, when the gold price stood at Rs 61,200. Wednesday’s decline amounted to Rs 490, reflecting the ongoing downward trend. Additionally, the 22 karat gold price per 10 gram also experienced a notable decrease of Rs 300 on Friday.

The diminishing appeal of gold during this celebratory period is attributed to a combination of factors, including a stronger dollar and a sense of optimism surrounding the ongoing US debt-ceiling discussions. Experts believe that these elements have reduced the allure of gold as a safe-haven asset.

The consecutive days of declining gold prices have taken many buyers by surprise, given the traditional preference for gold jewellery during wedding festivities in the city.