Gold and silver prices have dropped significantly from January’s record highs. Check the latest rates in Hyderabad and Vijayawada, and what’s driving the recent decline.
Since then, prices have witnessed a sharp correction. The price of 24-carat gold has dropped by nearly Rs 32,000 per 10 grams, while 22-carat gold has fallen by around Rs 30,000. Silver prices have also plunged by nearly Rs 2 lakh per kilogram.The recent decline is attributed to a strengthening US dollar and increased investor interest in crude oil. Additionally, many investors believe gold prices have risen beyond sustainable levels, triggering a sell-off in both gold and silver markets over the past few days.According to bullion tracking website Gold Returns, prices in Hyderabad and Vijayawada have seen a noticeable dip: According to the bullion tracking website Gold Returns, prices in Hyderabad and Vijayawada have seen a noticeable dip: 24-carat gold (10 grams) has fallen by Rs 2,940, from Rs 1,48,910 to Rs 1,45,970. 22-carat gold (10 grams) has dropped by Rs 2,750, from Rs 1,36,550 to Rs 1,33,800, and 18-carat gold (10 grams) is down by Rs 2,250, from Rs 1,11,730 to Rs 1,09,480. Over the past five days alone, gold prices have declined by over Rs 5,000 per tola.Silver prices are also following a similar downward trend. Currently, silver is trading around Rs 2,50,000 per kilogram. The recent fall is largely due to heavy selling in commodity markets, which led to a sharp single-day drop, raising concerns among investors. On the Multi Commodity Exchange (MCX), gold April futures slipped by 0.09% (Rs 129) to trade at Rs 1,44,825. Silver May futures declined by 1.72% (Rs 3,990), trading at Rs 2,27,470.In the international market as well, precious metal prices have weakened. Gold is currently trading at $4,497 per ounce, while silver stands at $67 per ounce. Overall, the recent correction has brought some relief to buyers, even as markets remain volatile.
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At the beginning of January this year, soaring gold prices had left consumers anxious. Gold holds deep cultural and emotional value in India, especially during auspicious occasions, weddings, and festivals like Akshaya Tritiya and Dhanteras, when buying even a gram is considered auspicious.
