Gold rates in Hyderabad break all-time high records

Hyderabad: Gold rates in Hyderabad have continued their upward trend, hitting new all-time high records today.

The price of gold has surged dramatically, with 10 grams of 22-carat gold now priced at Rs 71,400, and 24-carat gold reaching Rs 77,890.

This rise in gold rates in Hyderabad marks a significant increase of over 1 percent so far in October.

On September 1, the prices were Rs 70,500 for 22-carat gold and Rs 76,910 for 24-carat gold, indicating a 1.27 percent growth in just over a month.

Today alone, the city witnessed a further increase of Rs 450 for 22-carat gold and Rs 490 for 24-carat gold, reflecting the ongoing strength in gold prices.

Gold rates in Hyderabad, other Indian cities

The rising gold rates in Hyderabad are part of a broader trend seen across India. The surge in prices is not limited to Hyderabad, with major cities across the country also seeing significant hikes in gold rates.

Below are the current gold rates in various Indian cities:

Reasons for surge

Several factors are driving the increase in gold prices both in Hyderabad and globally. One of the main reasons is the recent 50-basis-point cut by the US Federal Reserve, which has impacted market sentiment positively. Expectations of further rate cuts until 2026 are also contributing to the bullish trend in gold prices.

Geopolitical tensions, especially in the Middle East and the ongoing Russia-Ukraine conflict, are adding to the rise in gold prices as investors flock to gold, a traditional safe-haven asset, during times of uncertainty.

As gold rates in Hyderabad and other Indian cities continue to rise, there is growing concern about a potential decline in domestic demand for the yellow metal. High gold prices often lead to a dip in consumer purchases, especially during the festive season when gold buying is typically at its peak.

The future of gold prices will largely depend on several key factors, including further decisions by the US Federal Reserve and the evolving geopolitical situation in the Middle East. Any significant developments in these areas could lead to further fluctuations in gold rates in Hyderabad and globally.

With gold prices reaching record levels, Hyderabad’s residents and investors are keeping a close eye on the market for potential future movements.