Following the Diwali and Dhateras festivals, gold prices in Hyderabad saw a steep decline on Friday. Prices fell by Rs 600, while silver prices remained stable, with 10 grams selling for Rs 64,000.
The price of 22-carat gold dropped significantly as it was sold at Rs 46,700 per 10 grams and was now being sold at Rs 46,100, the lowest price recorded after the festivals.
On the other hand, the gold rate for 24-carat per 10 grams on Friday was Rs 50,290, down from Rs 50,950 the day before. There was a significant drop of Rs 660.
Since Diwali, the price of 22-carat gold has dropped by Rs 910 per 10 grams, while the price of 24-carat gold has dropped by Rs 1,000.
“The price of gold here is witnessing a steep decline as the United States Federal Reserve slowed down the pace of its aggressive rate hike. However, with the wedding season in a fortnight, gold demand has surpassed pre-Covid levels. The high demand is expected to continue till December,” said a city-based jeweler.
Even though the gold price has declined in the domestic market, both gold and silver prices have recorded an increase on the Multi Commodity Exchange (MCX).
Prices on the international market have also risen, with an ounce of gold selling for USD 1,648.10 and an ounce of silver trading for USD 19.84.
Dhanteras is considered the most auspicious day in the Hindu calendar for purchasing valuables ranging from precious metals to utensils.
On Dhanteras, 20-30 tonnes of gold are typically sold. On this auspicious day, people not only buy precious metals and jewellery but also cars and other items.
Even high gold prices did not deter consumers in Hyderabad and other cities from purchasing yellow metal on Dhanteras this year.
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