Gold Rates in Hyderabad See Massive Dip

Gold Rates in Hyderabad See Massive Dip

Hyderabad, Telangana: Gold rates in Hyderabad have witnessed a significant drop in recent days, much to the delight of jewelry enthusiasts.

According to the latest market figures, 24-carat gold is currently trading at around ₹47,000 per 10 grams, a decrease of approximately ₹2,000 from its peak earlier this year. Similarly, 22-carat gold has fallen to around ₹42,000 per 10 grams, a drop of about ₹1,500.

Several factors have contributed to this decline in gold prices. One major factor is the recent strengthening of the Indian rupee against the US dollar. As the rupee gains value, the price of gold imported into India becomes cheaper.

Additionally, global economic uncertainty and geopolitical tensions have also impacted gold demand. Investors are seeking alternative safe-haven assets, such as bonds and stocks, which has reduced the demand for gold as a safe haven.

The drop in gold rates has sparked excitement among jewelry buyers in Hyderabad. Many jewelers have reported a surge in demand for gold ornaments, as consumers seize the opportunity to purchase precious metals at lower prices.

“We have seen a significant increase in foot traffic since the gold prices have come down,” said Naveen Agarwal, owner of a renowned jewelry store in Hyderabad. “Customers are taking advantage of the lower rates to buy gold coins, necklaces, and bangles for both investment and personal use.”

Experts believe that the dip in gold rates may continue in the short term due to the prevailing market conditions. They advise consumers to take advantage of these lower prices if they are planning to purchase gold for any purpose.