Gold prices plummet in Hyderabad, reaches three-month low

Demand for gold is currently experiencing a slight dip due to the ongoing Ashada masam, a time when no auspicious wedding dates are scheduled.

Hyderabad: The glitter of the precious metal dimmed as gold prices witnessed a sharp decline in Hyderabad. The price of 24 carat gold per 10 grams plunged to a three-month low, offering a glimmer of hope for buyers burdened by soaring prices.

On Friday, retailing at Rs 58,850, the yellow metal experienced a significant decrease of Rs 110 from Wednesday. Not far behind, the 22 carat gold followed suit, hitting a nearly three-month low and settling at Rs 53,950.

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Since June 21, gold prices have remained below the Rs 60,000 per 10 grams threshold, signalling a downward trend that could provide some relief to gold enthusiasts. After enduring months of relentless surges, this unexpected drop offers a sliver of respite for buyers seeking to make a golden investment.

Commenting on the situation, Murali Krishna, Managing Director of Manepally Jewellers, suggests that this downward trend may only be temporary. “The current decline might persist for the next month. However, after that period, prices may resume their ascent,” he said.

Chanda Sreenivas Rao, a member of the India Bullion and Jewellers Association explains that the demand for gold is currently experiencing a slight dip due to the ongoing Ashada masam, a time when no auspicious wedding dates are scheduled.

“The price of gold is likely to hover between Rs 58,000 and Rs 61,000,” Rao predicts. “However, any fluctuations in the global economy may cause the price to rise again. We can anticipate an increase in sales after Dussehra as well,” he added.

Gold prices have long been influenced by a multitude of factors, including the flow of the global economy, the strength of the US dollar, and overall market sentiment. Buyers and investors keenly watch these indicators, as they hold the key to the future direction of gold prices.

24k gold 10 gm prices (Hyderabad)

June 20 – Rs 60,000

June 21 – Rs 59,670

June 22 – Rs 59,450

June 23 – Rs 59,020

June 24 – Rs 59,180

June 25 – Rs 59,180

June 26 – Rs 59,280

June 27 – Rs 59,180

June 28 – Rs 58,960

June 29 – Rs 58,750

June 30 – Rs 58,850