Gold Prices Drop Sharply Again: Major Fall in 22K & 24K Rates Across Hyderabad
Gold prices crash for the second consecutive day in Hyderabad. Check the latest 22K and 24K gold rates and silver prices for November 16. Global market factors trigger sharp decline.
Gold ornaments displayed in a jewellery showroom as prices fall sharply for the second consecutive day.
Gold Rate Today: Buyers have more reason to cheer as gold prices in the domestic market have fallen sharply for the second straight day. Following a steep decline in international spot prices, gold and silver rates in India have witnessed notable corrections, making this an opportune moment for those planning to purchase gold.
According to market reports, global factors—including expectations surrounding the US Federal Reserve’s interest rate decisions, the end of the US government shutdown, and key employment data—have contributed to the sudden price drop. Although earlier projections suggested a possible 25 basis-point cut in December, new updates indicate no immediate plan to reduce interest rates, triggering volatility in global bullion markets.
International Market Update
Gold prices continue to slide worldwide. Spot gold fell by a significant $109 per ounce, bringing the price of pure gold down to $4,080 per ounce. Silver too declined sharply, dropping 4.89% to $50.62 per ounce.
Gold Prices in Hyderabad (November 16)
Gold rates in the Hyderabad bullion market dropped for the second day in a row:
24K Gold (Pure Gold):
Fell by ₹1,960, bringing the price to ₹1,25,080 per 10 grams.
22K Gold (Jewellery Gold):
Declined by ₹1,800, now priced at ₹1,14,650 per 10 grams.
Silver Rates Fall by ₹4,000
Silver prices also recorded a sharp fall:
Silver today declined by ₹4,100 per kg from its earlier price of around ₹1,79,100 per kg.
Prices dropped even further in Bengaluru, Delhi, and Mumbai, down to around ₹1,69,000 per kg.
This price update is as on Sunday, November 16, at around 7 am. Possible buyers are advised to double-check these rates as they differ from area to area and often change within the day.
