Gold Prices Drop Sharply in Hyderabad; Experts Cite Global Factors Behind Fall
“Gold prices are reacting to positive cues from the global stock markets,” experts noted. They also mentioned that a stronger U.S. dollar and easing geopolitical concerns could push gold prices down further in the coming days.
Hyderabad: After touching historic highs close to ₹1 lakh per 10 grams, gold prices took a sharp dip in Hyderabad on Thursday. The price of 24-carat gold dropped by ₹2,300 in a single day, now retailing at ₹95,700 per 10 grams. The price of 22-carat gold also fell significantly, standing at ₹87,750 per 10 grams. Silver, on the other hand, is currently priced at ₹99,900 per kilogram.
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Global Developments Trigger Price Decline
According to market analysts, the sudden fall in gold prices is largely influenced by international developments. Former U.S. President Donald Trump’s announcement about being open to resuming trade talks with China and other nations has had a calming effect on global markets, which in turn reduced the demand for gold as a safe-haven asset.
“Gold prices are reacting to positive cues from the global stock markets,” experts noted. They also mentioned that a stronger U.S. dollar and easing geopolitical concerns could push gold prices down further in the coming days.
High Demand Despite High Prices on Akshaya Tritiya
Interestingly, despite soaring gold prices in the lead-up to the festival, demand remained strong on Akshaya Tritiya. On April 30 (Wednesday), consumers in Hyderabad and across India purchased large quantities of gold, keeping the festive buying trend intact.
Rajesh Rokde, Chairman of the Jewellers Association, reported that gold and silver sales were robust and could match last year’s Akshaya Tritiya sales of around 20 tonnes. “Buying gold on Akshaya Tritiya is considered auspicious, and this year too, customers showed strong interest, regardless of the price,” he said.
How to Check Gold Purity: Know the Hallmark
With gold purchases peaking, experts advise consumers to verify the purity of gold through hallmarking. The Indian Standard Organization (ISO) issues hallmarks that indicate the purity level of the gold:
- 24-carat gold: 99.9% pure, marked as 999
- 23-carat gold: 95.8% pure, marked as 958
- 22-carat gold: 91.6% pure, marked as 916
- 21-carat gold: 87.5% pure, marked as 875
- 18-carat gold: 75% pure, marked as 750
22-carat gold, commonly used in jewellery, contains 9% of other metals like copper, silver, and zinc to enhance durability.
Outlook: Will Gold Prices Continue to Fall?
Market watchers believe that if current global conditions continue—especially a strengthening U.S. dollar and easing trade tensions—gold prices may experience further corrections. Investors and consumers are advised to keep a close eye on international developments and currency movements in the coming weeks.
