The auspicious day is traditionally considered an ideal time to buy gold, with demand for the precious metal expected to surge.
Published Date – Sat 15 Apr 23 01:20pm
The auspicious day is traditionally considered an ideal time to buy gold, with demand for the precious metal expected to surge.
Hyderabad: Glittering gold prices have cooled, surprisingly, ahead of Hyderabad’s Akshaya Tritiya. According to market reports, the price per 10 grams of 24-carat gold stood at Rs 61,040 on Saturday, a sharp drop of Rs 760 from Friday.
On the other hand, 22-carat gold was retailing at Rs 55,950, a plunge of Rs 700 from the previous day’s price. The sudden drop in gold prices came as a surprise to many, especially after the metal hit a record high last Friday.
Some sources believe that the drop in prices could be due to the recent strengthening of the Indian rupee against the US dollar coupled with ongoing uncertainties in the global economy. However, others speculate that this may only be a temporary market correction, with prices expected to recover in the coming days.
Despite the recent decline, experts predict that the price of gold in the country is expected to remain elevated in Akshaya Tritiya, which fell on April 22. The auspicious date is traditionally considered an ideal time to buy gold and is expected to see a surge in demand for the precious metal.
