Gold Prices Plummet in Hyderabad: What Caused the Sharp Decline?

• Gold prices in Hyderabad saw a significant drop in the last week, with 24-carat gold decreasing by Rs. 3980 per 10 grams.
• The price of 24-carat gold per gram fell from Rs. 16,058 on February 1 to Rs. 15,660 by February 7.
• 22-carat gold also declined, with a gram dropping by Rs. 365, now priced at Rs. 14,355.
• Factors contributing to the fall include profit booking post-Union Budget, a strengthening US dollar, and news of Kevin Warsh's potential appointment as US Fed Chairman.
• Easing geopolitical tensions between the US and Iran, along with increased margin requirements on MCX, further pressured gold prices.