Gold rates in hyderabad have dropped after reaching an all-time high on May 20. It fell by Rs 2720 per 10 grams of 24-carat gold from its all-time peak. In the city, 10 grams of 22-carat and 24-carat gold cost Rs 66,400 and Rs 72,440, respectively.

Gold rates in hyderabad declined by nearly 4 pc in six days
Since May 20, the yellow metal's price has fallen by 3.61 percent. Despite the lower interest rates, prices have risen by 1.3 percent this month. On May 20, 10 grams of 22-carat and 24-carat gold cost Rs 68,900 and 75,160, respectively. Since May 20, the prices of the yellow metal have declined by 3.61 percent.

Reasons for the decline in rates
Gold rates have fallen as a result of the latest Federal Reserve meeting, which hinted at an interest rate rise.

The likelihood of an increase in interest rates makes financial products more appealing to investors than gold.

The previous increase in gold prices was due to geopolitical concerns, particularly in the Middle east over the Israel-Hamas conflict and the Russia-Ukraine war.

It remains to be seen if gold prices in hyderabad and internationally will continue to fall or if the trend will reverse.

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