Hyderabad, April 7 -- The gold rates in Hyderabad and other Indian cities have skyrocketed over the past few months and broken all-time high records multiple times.

However, now a US-based Morningstar analyst has forecast a 38 percent drop in the next few years.

Will prices decline below Rs 56 thousand?

Though the prices are different in various Indian cities, the current rate for 10 grams of 24-carat gold is around Rs 90,000.

If the prediction of the analysts proves correct, the rates of gold in Hyderabad and other cities in India may fall below Rs 56000.

As per the analysts, one of the reasons behind the drop could be increased supply as mining profits reached USD 950 per ounce in the second quarter of 2024. Moreover, Australia is ...