Gold prices in Hyderabad plummet to six-month low; experts push for quick investments

Hyderabad: The price of gold in Hyderabad witnessed a significant dip on Monday, settling at a six-month low.

This unexpected drop in the precious metal’s value has left many investors and consumers pondering its implications.

The 24-carat gold per 10 grams found its footing at a modest Rs 58,040, while its 22-carat counterpart settled at an even lower Rs 53,200. This dramatic plunge marked a stark contrast to the exorbitant rates witnessed just a few months ago.

Temporary dip or long-term trend?

The last time Hyderabad saw such affordable gold prices was in April this year. On May 5, gold reached its zenith for the past half-year, with 24-carat gold soaring to an impressive Rs 62,400 per 10 grams.

Gopi Krishna Manepally, the managing director of Manepally Jewellers, shared his insights on this sudden downturn. He stated, “This drop in prices was expected, especially when we look at the international level, where the gold rate has come down from $2,000 to $1,840. But this should only be temporary. For sure, this is going to bounce back to higher figures. My suggestion would be that this is a good time for people to buy gold.”

Factors behind the price dip

Several factors have contributed to the recent decline in gold prices. One significant factor is the global gold market’s fluctuations. International gold rates have shown a similar decline, which has had a cascading effect on local prices. Economic conditions, geopolitical tensions, and the strength of the US dollar are some of the key variables that influence gold prices worldwide.

For those considering investing in or purchasing gold, this price dip presents an interesting opportunity. Gold has long been considered a safe-haven asset, providing stability during times of economic uncertainty. Historically, periods of lower gold prices have often been followed by rebounds to higher levels.

Right time to buy gold?

The drop in gold prices in Hyderabad, while unexpected, offers a promising opportunity for individuals looking to diversify their investment portfolio or acquire jewellery.

It’s important to remember that gold markets are known for their cyclical nature, with prices fluctuating over time. As Gopi Krishna Manepally suggests, this dip may indeed be temporary, and gold’s value could see a resurgence in the near future. However, like any investment, it’s essential to conduct thorough research and consider your financial goals before making any decisions.