Gold prices in hyderabad began to decline after reaching an all-time high on april 19, which left many unsure about whether to purchase the yellow metal now or hold out for a further decline. The price of the metal dropped by Rs. 1400 and Rs. 1530 per 10 grams of 22- and 24-carat gold, respectively, today.
 
Why did gold rates in hyderabad decline?
The rates of 10 grams of 22-carat and 24-carat gold have decreased to Rs 66150 and Rs 72160, respectively, from Rs 68150 and Rs 74340 on april 19.
 
The rates have decreased by almost 3 percent in only five days.
 
One explanation for the abrupt decline is that hostilities between iran and israel have not escalated recently. The Federal Reserve (Fed) is expected to cut interest rates during its sessions in june and July.
 
Jewelers in hyderabad and other places have recently stated that they believe the rising price of gold is reducing demand since consumers are hesitant to purchase the metal at this time. They claim that the falling imports of precious metals also reflect this.

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

Following are the prices of gold rates in various cities.

Is it right time to buy or invest in yellow metal?
Even if the price of gold has dropped, investors and other buyers seeking to buy gold in hyderabad are faced with the difficult decision of whether to buy now or hold out for more price reductions.
 
Given the current conflict in russia and ukraine and the continued tensions in the Middle East, it is anticipated that rates would rise even if they are unlikely to drop below the Rs 70 thousand barrier in the near future. 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. At around USD 2389 in price, it was predicted.
 
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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SIBY JEYYA

24/04/2024 07:54 AM