Profit Booking Pushes Precious Metals Down
Gold and silver prices are sending mixed signals to the market. While investors face pressure, buyers are finally feeling some relief. After reaching record highs recently, prices of both precious metals have fallen sharply over the last four to five days.
Experts say heavy profit booking is the main reason behind this decline. Prices had touched all-time highs, prompting investors to lock in gains. As a result, the market witnessed a sudden correction.
Gold Rates Drop Steeply in Hyderabad Market
In the Hyderabad bullion market, 24-carat gold prices fell significantly. The price of 10 grams of 24-carat gold settled at ₹1,51,530. This marks a sharp drop of ₹9,050 compared to the previous day.
Similarly, 22-carat gold also witnessed a notable decline. The price of 10 grams stood at ₹1,38,900, which is ₹8,300 lower than yesterday’s rate. The fall has brought temporary relief to jewellery buyers.
Silver Prices Slide After Recent Record Highs
Meanwhile, silver prices also continued their downward trend. Just five days ago, silver touched a record level of ₹4.25 lakh per kilogram. However, prices dropped rapidly within a short span.
Silver prices slipped back to around ₹3 lakh per kilogram. Compared to the previous day, silver became cheaper by nearly ₹50,000 per kilogram.
Market Outlook Remains Cautious
Although the recent fall has eased buying pressure, market experts advise caution. Price volatility may continue in the short term due to global economic factors and investor sentiment.
For now, buyers are enjoying the price correction, while investors closely watch the next market move.
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