Hyderabad: Gold Prices Hit Record High, Surpassing 75,000 Mark
Gold prices in Hyderabad have once again reached a new all-time high, crossing the 75,000 mark. The current rates for 10 grams of 22-carat and 24-carat gold are Rs 68,900 and Rs 75,160, respectively.
In May alone, gold prices in Hyderabad have increased by over 5%. At the start of the month, the rates for 10 grams of 22-carat and 24-carat gold were Rs 65,550 and Rs 71,510, respectively. Today, the prices have surged by Rs 500 and Rs 540 for 22-carat and 24-carat gold, respectively.
Below are the current gold rates in various Indian cities:
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 69050 | 75310 |
| Kolkata | 68900 | 75160 |
| Mumbai | 68900 | 75160 |
| Hyderabad | 68900 | 75160 |
| Chennai | 69000 | 75280 |
The recent surge in gold rates in Hyderabad and globally can be attributed to several factors:
Anticipation of US Federal Rate Cuts: The possibility of reduced interest rates makes traditional financial instruments less appealing to investors. Consequently, gold, regarded as a safe investment, becomes more attractive, driving up its demand and price.
Geopolitical Tensions: Ongoing conflicts, particularly the Israel-Hamas conflict and the Russia-Ukraine war, contribute to global uncertainty. Such geopolitical instability often leads investors to seek refuge in gold, further elevating its rates.
Domestic Demand During Marriage Season: In India, the marriage season significantly boosts the demand for gold. This heightened demand in domestic markets, including Hyderabad, results in increased gold prices.
These factors collectively influence the surge in gold rates, reflecting both international trends and local market dynamics.
