Hyderabad: Gold and silver prices dropped sharply in Hyderabad on Wednesday, reversing the recent record surge seen in bullion markets. The fall came amid easing global tensions and a stronger US dollar, which prompted profit booking by investors.
Gold and silver prices fall after record highs
By 5 p.m. on Wednesday, the price of 10 grams of 24-carat gold in Hyderabad slipped to ₹1,25,250, marking a drop of more than ₹9,000 compared with the previous day. The rate for 22-carat gold stood at ₹1,14,843.
Silver too saw a steep decline. The price per kilogram dropped by around ₹7,000, trading at ₹1,58,000. Within a week, silver prices have fallen by nearly ₹28,000.
Global market trends impact local bullion rates
In international trade, the price of gold per ounce fell to $4,022, while silver was quoted at $47.84 per ounce. Bullion traders attributed the downward movement to profit-taking after record highs, strengthening of the US dollar, and reduced geopolitical tensions worldwide.