Silver Prices Drop Sharply for Second Consecutive Day in Hyderabad

Hyderabad's bullion market witnessed a significant correction on Saturday as silver prices tumbled for the second consecutive day, offering welcome respite to both buyers and jewellery consumers who had held back from purchases during the recent surge.

The sharp reversal follows a period of elevated rates that had been driven by the Centre's decision to raise import duties. Over just two days, silver prices in the city have fallen by a combined Rs.25,000 per kilogram.

On Saturday morning alone, silver prices dropped by Rs.15,000 per kilogram, settling at Rs.2,90,000, according to traders operating in Hyderabad's bullion markets.

Gold has experienced similar downward movement. The price of 24-carat gold declined by Rs.980 per 10 grams, trading at Rs.1,56,930. Twenty-two-carat gold saw a reduction of Rs.900 per 10 grams and was quoted at Rs.1,43,850 on Saturday.

Traders attribute the correction to a cooling of the bullion market after the recent price spikes. The temporary relief has enabled consumers who had postponed their purchases due to record highs to re-enter the market.

However, despite the recent pullback, precious metal prices remain substantially elevated compared to levels from earlier in the year. Investors and consumers continue to monitor daily price movements closely as the bullion market remains volatile.