Gold prices dropped in Hyderabad after rising continuously for three days due to the upcoming US Federal Reserve policy meeting, providing much-needed relief to gold buyers.
The price of 24-carat gold dropped by Rs 430 per 10 grams, while 22-carat gold dropped by Rs 400. However, the rates remain higher than they were on December 31, 2022.
The current 24-carat and 22-carat per 10 grams are Rs 55530 and Rs 50900 respectively.
Gold prices in Hyderabad near all-time high
Though gold prices in Hyderabad declined today, they are still close to an all-time which was in August 2020.
The 24-carat increased by 3.8 percent in December, while the 22-carat increased by 3.79 percent. Yellow metal rates increased by 0.34, 0.22, and 4.31 percent in September, October, and November, respectively.
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When it comes to silver rates in Hyderabad, the trends are similar. The metal is currently priced at Rs. 73500 per kilogram.
Silver prices in Hyderabad increased by 6.45 percent in December. The metal rose 4.62 percent in November as well.
Factors influencing gold and silver prices
Gold and silver prices, like any other market product, are determined by supply and demand.
Since the supply of gold in Hyderabad and other parts of the country is limited, any increase in demand has an impact on the rates.
Aside from demand and supply, other factors influence the rise and fall of gold prices. They include the global market, taxes, and the value of the dollar.
Among other things, the dollar rate has a significant impact on gold prices throughout the world, including Hyderabad.
Since India is a net importer of gold, any increase in the dollar rate will make the yellow metal more expensive to import, resulting in a rise in the local market rate.
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