Hyderabad: Gold rates in Hyderabad, which witnessed a huge rally in the past two months, saw a sharp decline today.
Today alone, the price of the metal fell by Rs 1000 and Rs 1090 per 10 grams of 22-carat and 24-carat gold, respectively.
Why did Gold Rates in Hyderabad drop?
The prices of 10 grams of 22-carat and 24-carat gold, which were Rs 68150 and Rs 74340 respectively on April 19, have fallen to Rs 65550 and Rs 71510 respectively.
In just three days, the prices have dropped by around two percent.
The reasons behind the sudden drop include no immediate escalation in Israel-Iran tensions and a shift of focus to the upcoming Federal Reserve (Fed) meeting.
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.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 65700 | 71660 |
| Kolkata | 65550 | 71510 |
| Mumbai | 65550 | 71510 |
| Hyderabad | 65550 | 71510 |
| Chennai | 66350 | 72380 |
Will prices of yellow metal fall below 70K mark?
Though it is unlikely to fall below the Rs 70 thousand mark in the near future, there is an expectation that the rates may increase, given that Middle East tensions still exist and the Russia-Ukraine war is ongoing.
Recently, Goldman Sachs, an American multinational investment bank and financial services company, raised the forecast for the price of the yellow metal to USD 2700 per ounce by year-end. This forecast was made when the price was around USD 2389.
If the forecast of Goldman Sachs turns out to be true, the rates of 10 grams of 22-carat and 24-carat gold in Hyderabad may cross the Rs 75 thousand and Rs 82 thousand marks respectively this year.
