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HomeHyderabadAmidst wedding season, gold prices in Hyderabad plunge for third straight day

Amidst wedding season, gold prices in Hyderabad plunge for third straight day

While it is customary for gold prices to rise during the wedding season, this year’s trend was unexpected by buyers. The glimmer of gold appears to be fading at the height of this celebratory season, surprising many.

This precious metal, whose ornaments adorn many south Indian women during various south Indian celebrations, fell significantly for the third day in a row.

Only a few days ago, on May 5, the price of 24-karat gold per 10-gram was Rs. 62,400. However, after a few market fluctuations, it is clear that the price has been falling significantly since last Tuesday.

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The price of 24 karat gold per 10 gram settled at Rs 60,870 on Friday, a Rs 330 decrease from the previous day’s rate.

This came after a Rs 220 drop on Thursday, when the gold price stood at Rs 61,200. The drop on Wednesday was Rs 490, reflecting the ongoing downward trend. Furthermore, the price of 22 karat gold per 10 gram fell by Rs 300 on Friday.

The declining appeal of gold during this festive period can be attributed to a number of factors, including a stronger dollar and a sense of optimism surrounding ongoing US debt-ceiling discussions. Experts believe that these factors have diminished gold’s allure as a safe-haven asset.

Given the city’s traditional preference for gold jewelry during wedding festivities, the consecutive days of declining gold prices have taken many buyers by surprise.

 

 

 

 

 

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