Gold Rates Fall Sharply, Bringing Relief to Buyers

Gold prices in Hyderabad’s bullion market fell sharply for the second consecutive day, offering relief to buyers after rates had remained at elevated levels in recent days. According to Wednesday morning’s trading prices, the rate of 24-carat pure gold declined by ₹2,070 per 10 grams to ₹1,52,020. Notably, the price of 24-carat gold has dropped by ₹6,220 per 10 grams over the past three days.

Meanwhile, the price of 22-carat gold, widely used for jewellery, fell by ₹1,900 to ₹1,39,350 per 10 grams. Bullion market sources attributed the sharp decline to global market developments, fluctuations in the US dollar and changes in domestic demand. Experts noted that gold prices may vary slightly across cities and local markets in the Telugu states, while an additional 3% GST is applicable to the quoted base prices.