Suryaa Business Desk: Domestic gold and silver prices have seen a significant decline. Factors influencing the bullion market include developments in the international market, the strengthening of the US dollar, declining crude oil prices, and US Federal Reserve interest rate policies.
In the domestic bullion market, the price of 10 grams of 24-carat gold is currently at Rs 1,38,880, while 10 grams of 22-carat gold is trading at Rs 1,27,300. These rates are consistent across Hyderabad, Vijayawada, and Visakhapatnam. In Delhi, the 24-carat gold rate is Rs 1,39,030, and the 22-carat rate is Rs 1,27,450. In Chennai and Bengaluru, 24-carat gold is priced at Rs 1,38,880, and 22-carat gold is at Rs 1,27,300.
Silver prices have also fallen significantly. In major cities including Hyderabad, Chennai, and Delhi, the price of one kilogram of silver is currently Rs 2,00,000.
Market analysts attribute the price decline to investors selling gold due to strict policies adopted by central banks to control inflation, which has reduced international demand. Market experts suggest that prices may decrease further by the upcoming Diwali festival. This decline follows a period where gold reached record levels in January and has now fallen to its lowest level since March.