Gold prices fall ahead of Akshaya Tritiya, offering relief to buyers

Hyderabad: Gold prices, which had been rising sharply over the past month, have shown a noticeable decline just ahead of Akshaya Tritiya, providing significant relief to customers. After breaching the ₹1 lakh mark per 10 grams earlier this month, gold rates have now begun to ease, with a consistent downward trend observed over the past two days.

On Monday, gold prices fell sharply, marking a total drop of around ₹3,500 from their recent all-time highs. As per the latest market rates, the price of 22-carat gold now stands at ₹89,400 per 10 grams, while 24-carat gold is priced at ₹97,530 per 10 grams. The decline has been particularly welcomed by buyers preparing for Akshaya Tritiya purchases, as jewellers expect a surge in demand owing to the more affordable rates.

Across major cities, the trend remains similar. In Hyderabad, Vijayawada and Visakhapatnam, 22-carat gold is being sold at ₹89,400 for 10 grams, and 24-carat gold at ₹97,530 for the same quantity. In Delhi, prices are slightly higher, with 22-carat gold at ₹89,550 and 24-carat gold at ₹97,680 per 10 grams. Mumbai and Chennai are witnessing similar rates to Hyderabad, with 22-carat gold priced at ₹89,400 and 24-carat gold at ₹97,530.

Silver prices have also seen a minor correction. In Hyderabad, the price of silver has dropped by ₹100 per kilogram and is now trading at ₹1,11,800. In Delhi and Mumbai, silver is priced at around ₹1,01,800 per kilogram, while in Chennai it continues at ₹1,11,800.

Market experts believe the fall in gold prices could be linked to international market corrections and a strengthening rupee, which typically affects the domestic bullion market. With Akshaya Tritiya approaching, a festival considered highly auspicious for buying gold, both customers and jewellers are optimistic that the lower prices will lead to a boost in sales.