May starts in Hyderabad with drop in gold prices

As per market reports, the 24-carat gold was priced at Rs 71,510 per 10 grams on Wednesday, marking a notable decrease from its April 19 record rate of Rs 74,340.

Hyderabad: After a period of soaring prices, May commenced with a notable downturn in gold rates in Hyderabad. The precious metal, which had reached record highs last month, saw a significant dip on Wednesday, slipping below the Rs 72,000 mark per 10 grams in about 20 days.

As per market reports, the 24-carat gold was priced at Rs 71,510 per 10 grams on Wednesday, marking a notable decrease from its April 19 record rate of Rs 74,340. Furthermore, within a span of 24 hours, the gold prices witnessed a decline of Rs 109, indicating a swift adjustment in response to market forces and investor sentiments.

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The silver market also experienced a similar trend, with prices showing a downward trajectory. On Wednesday, silver was priced at Rs 86,500 per kilogram, marking a reduction of Rs 500 within the same 24-hour period.

The fluctuations in gold and silver prices in India, including Hyderabad, are influenced by various factors, notably the value of the rupee against the dollar and global demand for precious metals.