Gold Prices Plummet in Hyderabad: Rs 1,520 Drop Per 10g

• Gold prices experienced a significant drop in one day, crashing from their all-time high.
• In Hyderabad on December 16, 24K gold dropped by ₹1,520 per 10g to ₹1,33,860, and 22K gold fell by ₹1,400 per 10g to ₹1,22,700.
• Silver prices also saw a sharp decline, with a ₹4,000 drop per kg in Hyderabad, now at ₹2,11,000.
• The price drop is attributed to record high prices leading to decreased buying interest and increased discounts from Indian dealers, even during the wedding season.
• Factors influencing gold prices in India include international market rates, import duties, taxes, and currency exchange rates.

Why It Matters: Significant drop in gold and silver prices creates a buying opportunity.