Hyderabad, May 11 -- Gold rates in Hyderabad and other cities in India declined slightly but remain above the Rs 1.5 lakh mark, while jewellery stocks dipped after Prime Minister Narendra Modi's appeal to citizens.

On Sunday, PM Modi urged citizens to defer non-essential gold purchases as part of broader austerity measures aimed at conserving foreign exchange reserves amid the ongoing West Asia crisis.

Why stocks dipped?

Following the appeal, investors rushed to trim exposure to gold-linked counters amid fears that the Prime Minister's appeal could weigh on jewellery demand in the coming months.

Shares of Titan Company plunged as much as 8.02 per cent to hit an intraday low of Rs 4,151.40 in early trade.

Meanwhile, Kalyan Jewellers I...