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Usually during the Diwali season, the gold prices generally skyrocket due to increase in the demand and purchasing activities done by the Hindu community. But that is not the case this time as international markets dictated the decline of gold prices during the Diwali season.
After trading at all-time high prices till last week, Gold prices came crashing down in international markets after investors imposed a sell off strategy to book the profits. Subsequently, the prices largely fluctuated and went down through the course of the day yesterday.
This is reflecting in the case of the gold prices in the domestic Indian market now. The gold prices have largely come down in Hyderabad with the current market value of 24 carat gold at Rs 1.28 lakh per 10 grams.
When compared to Tuesday rates, the Gold prices went down by ₹6000 on Wednesday. This is the largest single-day drop in gold prices in the last five years.
The price of 22 karat gold is currently at Rs 1.17 lakh. On the other hand, 1 kg of silver is currently trading at Rs 1.65 lakh. The prices of silver also came down crashing largely last night due to the fluctuations in the international market.
Tags Gold Rates
