Representational photo
Hyderabad: Gold rates in Hyderabad and across the world declined sharply on Monday, February 2, as investors continue to book profits.
Similar trends are also seen in silver prices. In both metals, the rates started declining on Friday, January 30.
As of February 2, the rates of the yellow metal are Rs 1,51,530 and Rs 1,38,900 per 10 grams of 24-carat and 22-carat gold, respectively. On January 29, the rates were Rs. 1,78,850 and Rs 1,63,950 respectively.
Along with gold, silver prices too dipped sharply. The white metal is currently priced at Rs 3,00,000 per kilogram. It was priced at Rs 4,25,000 on January 29.
The prices of yellow and white metals are likely to maintain their downward momentum in the near term in 2026.
The gold and silver rates tumbled in Hyderabad and across the globe as investors booked heavy profits amid weak global trends.
Recovery in the US dollar placed further pressure on bullion.
The combination of stretched technical conditions, institutional profit-taking, and a recovery in the US dollar that is likely to continue adds pressure on bullion in the short term.
There is uncertainty after President Donald Trump nominated Kevin Warsh as the next head of America’s central bank, the Federal Reserve, which kept the market in a slightly risk-off mode, as the markets fear that the new leadership can be more hawkish.
In view of the uncertainty, the gold and silver rates may enter into a time-correction zone or decline further. However, due to the changing geopolitical situation, the trend can change.
This post was last modified on February 2, 2026 2:50 pm