Gold prices in Hyderabad declined sharply on Friday, January 30, in line with the broader correction seen across domestic and global bullion markets. The drop comes after gold touched record highs earlier this week, triggering heavy profit booking in futures and spot markets.
Gold rates in Hyderabad today (per gram)
- 24K gold: ₹17,062
- 22K gold: ₹15,640
- 18K gold: ₹12,797
Prices across all purity levels are lower compared with the previous session, reflecting the sharp fall in MCX gold futures.
Why gold prices fell today
MCX gold sees strong selling pressure
Gold and silver prices witnessed a steep correction on the Multi Commodity Exchange (MCX) on Friday. Gold futures slipped over 4%, while silver futures dropped more than 5%, dragging down spot prices in Hyderabad and other major cities.
Profit booking after record highs
The primary trigger behind the fall is aggressive profit booking. Gold had rallied sharply to historic highs in recent sessions. After such a strong run-up, traders moved swiftly to lock in gains, leading to widespread selling pressure.
Stronger US dollar weighs on prices
A rebound in the US dollar after the Federal Reserve’s policy decision also weighed on gold. A firmer dollar makes gold more expensive for non-US investors, often leading to short-term selling in precious metals.
Global weakness spills into domestic markets
Internationally, spot gold declined around 3.3%, according to ICE data, after failing to sustain record levels. This global pullback spilled into domestic markets, with MCX gold reacting more sharply.
Compression of India premium
Indian gold prices had been trading at elevated premiums over global benchmarks. As global prices cooled, this premium began to compress, amplifying the downside move in Hyderabad spot prices.
What buyers in Hyderabad should note
The current decline reflects short-term volatility driven by profit booking and global cues, rather than any change in underlying demand. Gold prices may remain volatile in the near term, tracking global markets, currency movements, and futures positioning.
Disclaimer: Gold rates are indicative and do not include GST, TCS, or making charges. Actual prices may vary across jewellers in Hyderabad.
