Hyderabad witnesses significant drop in gold rates

The price of gold in Hyderabad took a significant dip on Monday, settling at a six-month low

Hyderabad: The price of gold in Hyderabad took a significant dip on Monday, settling at a six-month low. The 24-carat gold per 10 grams found its footing at a modest Rs 58,040, while its 22-carat counterpart settled at an even lower Rs 53,200. This dramatic plunge marks a stark contrast to the exorbitant rates witnessed just a few months ago.

The last time Hyderabad saw such affordable gold prices was back in April. On May 5, gold reached its zenith for the past half-year, with 24-carat gold soaring to Rs 62,400 per 10 grams. However, it appears that the market has decided to take a breather from these sky-high numbers, at least for the time being.

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Gopi Krishna Manepally, the Managing Director of Manepally Jewellers, shared his insights on this sudden downturn.

He stated, “This drop in prices was expected, especially when we look at the international level, where the gold rate has come down from $2,000 to $1,840. But, this should only be temporary. For sure, this is going to bounce back to higher figures. My suggestion would be that this is a good time for people to buy gold.”