Big Drop In Gold Rates In Hyderabad After Budget; 24K/100 Grams Falls By Rs 4,400, 10 Grams Below Rs 84,100

Gold prices in Hyderabad witnessed a huge drop on Monday, February 3, after no revision in customs duty of gold which was highly expected in Budget 2025. Gold rates in this southern city tracked the downfall in other major metro cities after Donald Trump's tariff impacted worldwide gold prices. In a single day, gold prices in Hyderabad tumbled as much as Rs 4,400 in 24K of 100 grams, while 10 grams price slipped below Rs 84,100. However, silver prices were unchanged.

Gold Prices In Hyderabad:

24K gold rates in Hyderabad: 100 grams of gold plunged by Rs 4,400 to Rs 8,40,500, while 10 grams of gold price dipped by Rs 440 to Rs 84,050. 1-gram and 8 grams gold prices were down by Rs 44 and Rs 352 to Rs 8,405 and Rs 67,240 on Monday.

22K Gold Rates In Hyderabad: In this carat, gold prices dropped by Rs 4,000 in 100 grams to Rs 7,70,500, while were lower by Rs 400 to Rs 77,050 in 10 grams. Additionally, 8 grams of gold edged down by Rs 320 to Rs 61,640 and 1 gram of gold slipped by Rs 40 to Rs 7,705.

18K Gold Rates In Hyderabad: In the 18 carat, 100 grams gold price plummeted by Rs 3,300 to Rs 6,30,400, while 10 grams gold was down by Rs 330 to Rs 63,040. Further, 8-gram and 1-gram gold prices slipped by Rs 264 and Rs 33 to Rs 50,432 and Rs 6,304 respectively.

In Hyderabad, the precious metal is sold as jewelry and coins. The ornament metal is mainly used for individual consumption, and it has more demand during the marriage, festivals, special occasions. Panjagutta, in Hyderabad, is one of the locations where most of the popular jewelry outlets are located.

Silver Rates In Hyderabad:

Silver prices in Hyderabad are among the highest in any other city. 1kg silver price, although unchanged on February 3, stood at Rs 1,07,000. While 100 grams of silver is at Rs 10,700, 10 grams of silver at Rs 1,070, and 8 grams of silver at Rs 856. The cheapest silver in Hyderabad is priced at Rs 107 per 1 gram.

Gold and silver prices in January 2025 surged by 8-10% in Hyderabad.

What Is Impacting 24K, 22K, 18K Gold Prices?

As per Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, COMEX Gold extended its rally for a fifth consecutive week, closing 2% higher at $2,835/oz, after surging to a record high of $2,862.90/oz. The yellow metal was supported by rising demand for safe-haven assets, driven by escalating trade war fears and the prospect of global retaliation. Despite brief pressures from profit-taking and a stronger dollar, gold remained resilient, bolstered by easing monetary policies from central banks and ongoing economic uncertainty. However, today, COMEX gold retreated sharply to $2,802/oz as traders flocked to the dollar, pushing it closer to a two-year high amid heightened trade war concerns.

Further, Chainwala said, on Saturday, President Trump signed an order imposing a 25% tariff on Mexico and Canada, along with a 10% duty on China. In response, these key trading partners are preparing countermeasures. Trump also plans to introduce additional tariffs on other targets, including the EU, which has added to market uncertainty. There are growing fears that these tariffs could fuel inflationary pressures and keep the Federal Reserve on its "higher for longer" rate path.