Hyderabad, May 1 -- Gold rates in Hyderabad, which witnessed a huge rally in the past two months, saw a sharp decline today.

Today alone, the price of the metal fell by Rs 1000 and Rs 1090 per 10 grams of 22-carat and 24-carat gold, respectively.

Why did Gold Rates in Hyderabad drop?

The prices of 10 grams of 22-carat and 24-carat gold, which were Rs 68150 and Rs 74340 respectively on April 19, have fallen to Rs 65550 and Rs 71510 respectively.

In just three days, the prices have dropped by around two percent.

The reasons behind the sudden drop include no immediate escalation in Israel-Iran tensions and a shift of focus to the upcoming Federal Reserve (Fed) meeting.

Due to these circumstances, the gold rates not only in Hyderabad bu...