Gold Prices Drop Rs 9000

Gold, which had been climbing to new heights until recently, has suddenly fallen steeply. The glittering yellow metal that showed record prices just days ago has now plunged drastically. In fact, this is the biggest fall in gold prices seen in recent times. Notably, the price dropped twice in a single day.

In the morning, gold prices fell by Rs 3,000, and by evening, they dropped by another Rs 6,000 — a total decline of more than Rs 9,000 in a single day. As of 5 PM today, the price of 10 grams of 22-carat gold in Hyderabad stood at Rs 1,14,000. At one point, it was as high as Rs 1,33,000, but today it came down sharply.

The decline is attributed to a significant fall in gold prices in the international market, as well as a slowdown in gold purchases by various countries’ central banks. The strengthening of the US dollar has also contributed to the drop.

While the sharp fall has brought relief to the middle class, who can now consider buying gold at lower prices, it has also caused heavy losses to investors who put large sums into gold equities expecting the prices to rise further. Experts believe this price correction could boost retail gold sales in the coming days.