Hyderabad's gold prices, which had experienced a significant increase over the previous two months, sharply decreased Thursday. For example, the price of 10 grams of 22-carat and 24-carat gold dropped by Rs 1000 and Rs 1090 today alone.
 
Why did gold Rates in hyderabad drop?
The prices of 10 grammes of 22-carat and 24-carat gold have decreased to Rs 65550 and Rs 71510, respectively, from Rs 68150 and Rs 74340 on april 19.
 
The costs have decreased by almost two percent in just three days.
 
There hasn't been any rapid escalation in hostilities between iran and Israel, and the forthcoming Federal Reserve (Fed) meeting is the main cause of the abrupt decline.

Due to these circumstances, the gold rates not only in hyderabad but also in other parts of the country have dropped significantly.

Here are the prices of gold rates in various cities.


Will prices of yellow metal fall below the 70K mark?
Given the current conflict in russia and ukraine and the continued tensions in the Middle East, it is anticipated that rates will rise even if they are unlikely to drop below the Rs 70 thousand barrier shortly.
 
The American multinational financial services and investment bank Goldman Sachs has increased its prediction for the price of the yellow metal to USD 2700 per ounce by year's end. When the price was about USD 2389, this projection was made.
 
The prices of 10 grammes of 22-carat and 24-carat gold in hyderabad might surpass Rs 75 thousand and Rs 82 thousand this year, respectively, if Goldman Sachs' prediction comes to pass.
 
 

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02/05/2024 07:58 AM