Gold, silver prices in Hyderabad drop to one-month low amid wedding season

The fall in prices comes despite the ongoing wedding season, typically a period of heightened demand for precious metals

Hyderabad: Both gold and silver prices in Hyderabad have dropped to their lowest levels in a month, following a steady decline since November 10. The fall in prices comes despite the ongoing wedding season, typically a period of heightened demand for precious metals.

As of Wednesday, gold prices have continued their downward trajectory. The price of 22 carat gold stands at Rs 7,045 per gram, a drop of Ra 40, while 24 carat gold is priced at Rs 7,685 per gram, marking a Rs 44 decrease. This marks the lowest levels seen in over a month.

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Gold prices have been on a steady decline since November 10, with the most significant drop occurring on November 12, when 22 carat gold fell by Rs 135 to Rs 7,085 per gram, and 24 carat gold saw a Rs 147 decline to Rs 7,729 per gram.

The steady drop in gold prices follows a global trend influenced by developments after the US presidential election, which has led to shifts in the international market.

Along with gold, silver prices have also dipped, hitting a one-month low. On Wednesday, the price of silver is Rs 1,010 per 10 grams, up by Rs 10 from the previous day. However, the price for 100 grams stands at Rs 10,100, showing an increase of Rs 100, and the 1 kg price has reached Rs 1,01,000, an increase of Rs 1,000.

Over the past 10 days, silver prices have fluctuated, with a consistent decline leading up to Wednesday’s prices. On Tuesday, silver saw a reduction of Rs 2,000 for 1 kg, dropping to Rs 1,00,000, while on Monday, prices were down by Rs 1,000 for 1 kg, reaching Rs 1,02,000. Prices remained unchanged on several days, such as on November 10 and November 9, where the price for 1 kg silver was Rs 1,03,000.

This decline in silver prices comes on the heels of similar trends in gold, and experts attribute these fluctuations to global economic factors, including market responses to the US presidential election and international commodity trends.