Gold, Silver Prices Crash: Hyderabad Sees Massive Drop, Over Rs 27,000 Fall in 5 Days

• Gold and silver prices experienced a significant crash, with 24-carat gold in Hyderabad falling by Rs. 1,420 to Rs. 1,51,750 on February 3.
• 22-carat gold decreased by Rs. 1,100 per 10 grams, while 18-carat gold saw a drop of Rs. 1,070.
• Over the last five days, pure gold prices have plummeted by over Rs. 27,000, and 22-carat gold by Rs. 25,000.
• Silver prices also crashed, with a Rs. 20,000 per kilogram drop today, bringing it to Rs. 2,80,000; a total fall of Rs. 1,45,000 in five days.
• The new trade agreement between India and America, with reduced tariffs on Indian goods, is cited as a major reason for these price movements.

Why It Matters: Gold and silver prices crashed significantly in the domestic market, driven by a new India-US trade agreement.