Gold prices fall on Ugadi in Hyderabad
Hyderabad: Gold and silver prices declined again on Thursday, offering relief to consumers ahead of Ugadi. Prices had risen sharply on Wednesday after several days of decline, but fell again on the festival day.
Traders said lower prices on Ugadi could draw buyers to jewellery shops, as many consider purchasing gold and silver on the Telugu New Year day auspicious.
Prices trend downward amid steady market conditions
Prices have not seen a sharp rise in recent weeks despite tensions between Iran and Israel. Instead, they have been fluctuating, with a downward trend in recent days.
Traders said demand is likely to increase if prices remain affordable. Buyers tend to step up purchases when gold prices fall, while remaining cautious during increases.
Gold remains preferred investment for households
Gold continues to be seen as a financial safeguard. During the Covid-19 period, it supported many households, reinforcing its value among buyers.
Women traditionally show higher interest in gold and silver purchases, but traders note that men have also been actively buying in recent years.
Today’s prices in Hyderabad bullion market
As of 6 am in the Hyderabad bullion market:
22-carat gold (10 grams): ₹1,44,590 (down ₹1,900)
24-carat gold (10 grams): ₹1,57,740
Silver (1 kg): ₹2,74,900 (down ₹5,000)
