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Hyderabad: Gold rates in Hyderabad and other cities in India declined slightly but remain above the Rs 1.5 lakh mark, while jewellery stocks dipped after Prime Minister Narendra Modi’s appeal to citizens.
On Sunday, PM Modi urged citizens to defer non-essential gold purchases as part of broader austerity measures aimed at conserving foreign exchange reserves amid the ongoing West Asia crisis.
Following the appeal, investors rushed to trim exposure to gold-linked counters amid fears that the Prime Minister’s appeal could weigh on jewellery demand in the coming months.
Shares of Titan Company plunged as much as 8.02 per cent to hit an intraday low of Rs 4,151.40 in early trade.
Meanwhile, Kalyan Jewellers India shares dropped 10 per cent to Rs 382.20, while PN Gadgil Jewellers stock tumbled 8.32 per cent to Rs 668.05.
Shares of Sky Gold and Diamonds were trading 12.24 per cent lower at Rs 475, emerging among the worst-hit stocks in the segment.
Recently listed BlueStone Jewellery and Lifestyle declined 5.92 per cent to Rs 474.70.
In addition, Senco Gold slumped 11 per cent to Rs 325.25, while Rajesh Exports fell 4.63 per cent to Rs 116.15.
However, there is no impact on gold rates in Hyderabad and other cities, as they declined slightly due to West Asia tensions.
The sharp decline in jewellery counters came after PM Modi, while addressing a BJP public meeting in Secunderabad on Sunday, appealed to citizens to avoid non-essential gold purchases for the next one year to help reduce pressure on India’s foreign exchange reserves.
“In the present circumstances, saving foreign exchange has become equally important for the nation,” he said.
Highlighting India’s dependence on imported fuel, PM Modi stressed the need for austerity measures, including conserving fuel, reducing avoidable expenditure and prioritising domestic consumption.
In Hyderabad, the current rates of the yellow metal are Rs 1,52,130 and Rs 1,39,450 per 10 grams for 24-carat and 22-carat gold, respectively.
On the Multi Commodity Exchange (MCX), gold futures for June 5 opened marginally lower by Rs 43 at Rs 1,52,487 per 10 grams against the previous close of Rs 1,52,530.
As per experts, gold prices fell in early morning trade after posting weekly gains, pressured by a firm dollar and elevated oil prices after President Trump rejected Iran’s latest response to a US-backed peace proposal.
Analysts believe the government is attempting to discourage non-essential gold imports at a time when rising crude oil prices are already expected to widen India’s trade deficit and increase pressure on the current account deficit.
With inputs from agencies
This post was last modified on May 11, 2026 12:59 pm