📷 Image Credits: Telangana Today
Gold prices in Hyderabad witnessed a significant decline over the weekend, with the price of 22-carat gold dropping by Rs 1,900 per 10 gm and 24-carat gold seeing a decrease of Rs 2,080 per 10 gm. This resulted in the current prices standing at Rs 65,700 for 22-carat gold and Rs 71,670 for 24-carat. The drop in prices marks a notable shift from the highs observed on June 7, where rates had reached Rs 67,600 for 22-carat and Rs 73,470 for 24-carat per 10 gm. The current rates show a 1.21 percent decrease since the beginning of June. The fluctuations in gold prices are being attributed to China’s recent actions in the gold market. According to reports, the decline in gold rates is due to international factors, such as the US nonfarm payroll report and China slowing down gold buying. These events have led to a shift in Fed rate cut expectations from July to September, causing a decline in gold prices both in Hyderabad and globally. Additionally, China’s decrease in gold purchases last month has also contributed to the dip in gold rates. The future trend of gold prices will depend on various factors, including the decision on the Fed rate cut, the Russia-Ukraine conflict, and stability in the Middle East. Overall, the drop in gold prices in Hyderabad highlights the impact of international events on local markets, leaving many to speculate on whether rates will surpass the Rs 80,000 mark in the near future.
