Hyderabad: Gold rates in Hyderabad and globally plunged sharply by over Rs 5000 on Monday, March 23, due to a global selloff amid rising inflation fears and a firm US dollar.
On the Multi Commodity Exchange, the yellow metal for April delivery slumped by Rs 8,089, or 5.6 per cent, to Rs 1,36,403 per 10 grams.
Gold rates in Hyderabad dipped
In Hyderabad, the rates of the yellow metal declined to Rs 1,40,020 and Rs 1,28,350 per 10 grams of 24-carat and 22-carat, respectively.
It is near the three-month low recorded on December 31, 2025. On that day, the rates were Rs 1,34,890 and Rs 1,23,650 per 10 grams of 24-carat and 22-carat, respectively.
Prediction of analysts
Analysts said the precious metal opened with a sharp gap down and is likely to extend its losing streak for the fourth consecutive week.
Gold rates in Hyderabad and globally resumed with a gap down on Monday and is likely to continue its downside momentum for the fourth consecutive week amid tensions in West Asia that have stoked inflation fears and rate hike bets in the near future, Aamir Makda, Commodity & Currency Analyst, Choice Broking, said.
In the international market, gold futures on the Comex continued to decline for the fifth straight session. The April contract depreciated USD 202.4, or 4.42 per cent, to USD 4,372.5 per ounce.
“Gold fell below USD 4,400 per ounce as the ongoing Middle East conflict intensified inflation fears, while major economies face pressure to boost liquidity, including through gold sales, to offset the war’s impact,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.
During the past week, gold futures in overseas markets plunged USD 486.8, or 9.6 per cent, to settle at USD 4,574.9 per ounce.
In Hyderabad and other Indian cities too, gold rates are likely to decline further; however, it all depends on the ongoing war in West Asia and other geopolitical factors.
