Hyderabad Oct -2-23 : Gold prices in Hyderabad experienced a substantial decline on Monday, reaching a six-month low. The price of 24-carat gold per 10 grams settled at a modest Rs 58,040, while its 22-carat counterpart reached an even lower Rs 53,200. This remarkable drop represents a sharp contrast to the high rates seen just a few months ago.
The last time Hyderabad observed such affordable gold prices was in April. On May 5, gold reached its peak for the past six months, with 24-carat gold surging to Rs 62,400 per 10 grams. However, it appears that the market has decided to take a breather from these elevated levels, at least for now.
Gopi Krishna Manepally, the Managing Director of Manepally Jewellers, shared his insights on this sudden downturn.
He stated, “This drop in prices was expected, especially when we look at the international level, where the gold rate has come down from $2,000 to $1,840. But, this should only be temporary. For sure, this is going to bounce back to higher figures. My suggestion would be that this is a good time for people to buy gold.”
