Hyderabad: Following a two-day decline, gold rates in Hyderabad witnessed a significant surge today, surpassing the 73-thousand mark on the auspicious occasion of Akshaya Tritiya.
As of today, the rates for 10 grams of 22-carat and 24-carat gold stood at Rs 67,000 and Rs 73,090, respectively.
The current month has seen a notable uptick in gold prices, with a surge of 2.21 percent recorded thus far in May.
At the beginning of the month on May 1, the rates for 10 grams of 22-carat and 24-carat gold were Rs 65,550 and Rs 71,510, respectively.
In celebration of Akshaya Tritiya, gold rates in Hyderabad witnessed an increase of Rs 850 and Rs 930 for 10 grams of 22-carat and 24-carat gold, respectively.
Akshaya Tritiya holds immense significance for Hindus and Jains, symbolizing an auspicious occasion for new ventures, marriages, charitable activities, and investments in gold or other assets.
The upsurge in gold rates on this day is not confined to Hyderabad alone but is observed across various cities in India, owing to its auspicious connotations.
Several factors contribute to the fluctuation in gold rates, including geopolitical tensions such as instability in the Middle East and the Ukraine-Russia conflict, as well as decisions by entities like the US Federal Reserve.
According to forecasts by Goldman Sachs, a leading American multinational investment bank and financial services company, the price of gold is expected to reach USD 2700 per ounce by the end of the year.
Here are the prices of gold rates in various cities.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 67150 | 73240 |
| Kolkata | 67000 | 73090 |
| Mumbai | 67000 | 73090 |
| Hyderabad | 67000 | 73090 |
| Chennai | 67050 | 73150 |
