Gold Prices Fall for Second Day: Good News for Festival Shoppers

• Gold and silver prices, which had been rising, saw a significant drop for the second consecutive day during the festival season.
• In Hyderabad, 24-carat gold fell by Rs. 220 per tola, 22-carat by Rs. 200 per 10 grams, and 18-carat by Rs. 170.
• Silver prices plummeted by Rs. 4000 per kilogram, now trading at Rs. 3,10,000 per kg.
• The fall is attributed to investors taking profits in the international market, where an ounce of gold dropped below $4,600.
• Global political uncertainties in Iran and US economic indicators like unemployment benefit applications continue to influence market trends.

Why It Matters: Gold and silver prices dropped significantly for the second day, offering relief to festival buyers.