As gold prices sharply dropped in Hyderabad, the gleam of the precious metal faded. The cost of 24 carat gold per 10 grammes fell to its lowest level in three months, giving customers who have been struggling with rising costs some ray of light. The price of the yellow metal on friday was Rs 58,850, a considerable drop of Rs 110 from Wednesday. Not long after, 22 carat gold followed suit, falling to a level last seen almost three months earlier and settled at Rs 53,950.

Gold prices have been below the Rs 60,000 per 10 grammes mark since june 21, indicating a decreasing trend that could be a comfort to gold aficionados. For purchasers looking to make a profitable investment, this surprise decline provides some relief after months of unrelenting increases. murali Krishna, Managing director of Manepally Jewellers, comments on the state of affairs and argues that this downward trend could only be transitory. The present downturn might continue over the upcoming month. But after that time, prices can start to rise again," he warned.

According to Chanda Sreenivas Rao, a member of the india Bullion and Jewellers Association, the present Ashada masam, a period when no auspicious wedding dates are planned, is causing a modest decline in the demand for gold. According to Rao, the price of gold would probably be between Rs 58,000 and Rs 61,000. "However, the price might increase once more if there are any changes to the world economy. After Dussehra, too, we should expect a rise in sales, the speaker continued.

The strength of the US dollar, the direction of the world economy, and the mood of the market all have a long history of affecting gold prices. These indicators are closely watched by buyers and investors because they can predict where gold prices will go in the future.

24k gold 10 gm prices (Hyderabad)

June 20 – Rs 60,000

June 21 – Rs 59,670

June 22 – Rs 59,450

June 23 – Rs 59,020

June 24 – Rs 59,180

June 25 – Rs 59,180

June 26 – Rs 59,280

June 27 – Rs 59,180

June 28 – Rs 58,960

June 29 – Rs 58,750

June 30 – Rs 58,850
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SIBY JEYYA

01/07/2023 05:22 PM