Gold enthusiasts in Hyderabad are flocking to gold shops across the city as the price of the precious metal has seen a significant drop in recent days. The price of 24-carat gold, which had consistently crossed Rs 60,000 mark in the past few months, took a surprising turn and settled at Rs 58,200 per 10 grams on Monday. This sudden drop marks one of the lowest prices recorded in recent times.

The price of 22-carat gold also saw a dip, settling at Rs 53,350 per 10 grams. This downturn in gold prices has prompted many residents of Hyderabad to seize the opportunity and invest in the yellow metal before it potentially starts rising again.