Gold Prices Crash in Hyderabad Today, Feb 2: 24K and 22K Rates Drop Sharply

Precious metal prices recorded a significant drop in the Hyderabad bullion market today, sending mixed signals to investors and buyers. Gold rates, which had been trading at elevated levels in recent days, saw a steep correction, offering temporary relief to consumers planning purchases.

The price of 24-carat gold plunged sharply, falling by over thirteen thousand rupees per 10 grams to settle at ₹1,47,170. Along similar lines, 22-carat gold also registered a major decline, shedding more than twelve thousand rupees to trade at ₹1,34,900 per 10 grams.

Silver was not spared either. The white metal experienced a heavy setback, with prices dropping by ₹20,000 per kilogram. Despite the fall, silver continues to remain at relatively high levels, trading close to the ₹3 lakh mark.

Market experts attribute the sudden decline in bullion prices to global market movements, profit booking by investors, and fluctuations in international demand. While the sharp correction may concern investors, jewellery buyers may see this as a short-term opportunity.

Traders are closely monitoring global cues and currency movements, as further volatility in gold and silver prices is expected in the coming days.

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