Gold rates dips in Hyderabad after Diwali

Hyderabad: After a blockbuster Dhanteras and Diwali, gold prices dropped significantly in the city on Friday. The 22-carat gold was retailing at Rs 46,100 per 10 grams, the lowest level since October. On Thursday it was priced at Rs 46,700. The price declined by Rs 600.

On the other hand, the gold rate for 24-carat (10 grams) was Rs 50,290 on Friday. On Thursday it was costing Rs 50,950. There was a sharp decline of Rs 660.

Ever since Diwali, the price of 22-carat gold decreased by Rs 910 per 10 grams, while 24-carat gold decreased by Rs 1,000. However, silver prices were stable with 10 grams retailing at Rs 64,000.

"The price of gold here is witnessing a steep decline as the United States Federal Reserve slowed down the pace of its aggressive rate hike. However, with the wedding season in a fortnight, gold demand has surpassed pre-Covid levels. The high demand is expected to continue till December," said a city-based jeweller.

Despite the gold price decline in the domestic market, both gold and silver recorded a hike on the Multi Commodity Exchange (MCX). The prices have also increased in the international market. Currently, the price of an ounce of gold is USD 1,648.10, while the price of an ounce of silver is trading at USD 19.84.