Gold Prices Drop by Rs 30,000: A Golden Opportunity for Buyers Amidst Global Shifts

• Gold prices have seen a significant drop of approximately Rs. 30,000 from their peak levels, offering relief to buyers.
• As of February 5th, 10 grams of 24-carat gold in Hyderabad is priced at Rs. 1,54,723, while 22-carat gold is Rs. 1,46,550.
• The strengthening American dollar in the global market, where one ounce of gold trades at $4,942, is a key factor pushing down gold prices.
• Experts suggest the current decline presents a favorable time for purchasing gold, especially with the upcoming wedding season.
• Gold remains a safe long-term investment, influenced by international rates, central bank reserves, interest rates, and the Rupee-Dollar exchange rate.