Gold rates in Hyderabad hit all-time high, cross Rs 63,000 for 24k
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Hyderabad: Today, gold prices in Hyderabad exceeded the previous record, crossing the Rs 63,000 mark.
The cost of 10 grams of 24-carat gold rose from Rs 61,850 on October 31 to Rs 63,380 today. The trend in gold rates in Hyderabad has exhibited a U-shaped pattern this month, initially decreasing until the 15th and then steadily increasing.
Presently, the rates for 24-carat and 22-carat 10 grams of gold have reached Rs 58,100 and Rs 63,380, respectively. In the past 29 days, it has jumped by over two per cent.
The rise in gold prices in Hyderabad and worldwide can be linked to a declining US dollar and decreasing bond yields. Additionally, there is a rising anticipation that the Federal Reserve might cut rates in the upcoming months.
The prospect of lower interest rates diminishes the appeal of financial instruments for investors in comparison to gold, which is considered a safe investment.
Spot gold rose 0.24 per cent to cross USD 2,046 per ounce by 11.30 a.m. on Wednesday. US gold futures for December delivery rose 0.3 per cent to USD 2,045.40 per ounce.
With marriage season going on in India, the demand for gold in Hyderabad and other domestic markets remains firm, thereby resulting in a surge in rates.
