Hyderabad: Gold prices in Hyderabad have retreated following a recent peak on May 20th. The price of 24-carat gold has decreased by Rs 2,720 per 10 grams from its record high.
Currently, the rates stand at Rs 66,400 for 22-carat gold and Rs 72,440 for 24-carat gold per 10 grams in the city.
Over the span of six days, gold prices in Hyderabad have declined by nearly 4%.
Since May 20th, there has been a 3.61% decrease in the price of gold, despite an overall increase of 1.3% for the month.
Previously, on May 20th, the rates were Rs 68,900 for 10 grams of 22-carat gold and Rs 75,160 for 24-carat gold.
Reasons for the decline in gold prices include expectations of an interest rate hike following the recent Federal Reserve meeting. This potential hike makes financial instruments more appealing to investors compared to gold.
Earlier, the surge in gold prices was driven by geopolitical tensions, particularly concerning the Israel-Hamas conflict and the Russia-Ukraine war.
The future direction of gold prices, both in Hyderabad and globally, remains uncertain as to whether the decline will continue or reverse.
