Gold Drops Rs 2,000 in Hyderabad as West Asia War Widens
Ten grams of 24 carat gold fell to Rs 1.55 lakh in the Hyderabad market, while silver lost about Rs 3,000 a kilogram.
Lower Prices in Hyderabad
Gold and silver prices have fallen as tensions in West Asia intensify, according to Eenadu. The publication reports that crude oil prices are rising while demand for metals is weakening.
In the Hyderabad market, 10 grams of 24 carat fine gold is quoted at Rs 1.55 lakh. Eenadu says the same quantity stood at Rs 1.57 lakh a day earlier, a fall of about Rs 2,000.
Silver moved down by a wider margin. A kilogram slipped from Rs 2,37,486 to Rs 2,34,478, a drop of roughly Rs 3,000.
Futures and International Rates
Eenadu reports gold futures at Rs 1,50,143 for 10 grams. Silver futures are trading at Rs 2,32,625 a kilogram.
On international markets, spot gold is quoted at 4,307 dollars and spot silver at 63.79 dollars. The publication does not specify the unit for those international quotes.
Prices for precious metals such as gold and silver shift in line with the international market, Eenadu notes. Local rates therefore follow global moves rather than being set purely at home.
A Reversal of the Usual Pattern
Gold prices normally climb during wedding seasons and other auspicious occasions, when buying picks up, according to Eenadu. The metal is also widely used as an investment.
When markets turn unstable, investors typically treat gold as the safer place to put money. That behaviour usually pushes prices up during periods of conflict or financial stress.
What is happening now runs the other way. Eenadu describes a reverse trend, with gold and silver both easing even as the situation in West Asia grows more serious.
What the Reports Do Not Cover
The available reports do not name the countries involved in the West Asia fighting, nor do they describe the specific events driving oil prices higher. They also do not give a date for the quoted rates.
No figures are provided for 22 carat gold, which is the grade most commonly used in jewellery, and no forecast is offered for where prices go next. Whether the decline continues is not yet known from these reports.
Eenadu adds a standard caution to readers on its business pages, advising them to make their own enquiries before acting on any commercial information carried alongside its coverage.
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