Gold rates in Hyderabad hit all-time high, cross 75K mark

Hyderabad: The gold rates in Hyderabad today once again made a new all-time high record by crossing the 75 thousand mark.

In the city, the rates of 22-carat and 24-carat of 10 grams of gold have reached Rs 68900 and Rs 75160.

Gold rates in Hyderabad jumped by over 5 pc in May so far

In the current month so far, the prices of the yellow metal have surged by 5.1 percent.

On May 1, the rates for 10 grams of 22-carat and 24-carat metal were Rs 65,550 and Rs 71,510, respectively.

Today, the gold rates in the city jumped by Rs 500 and Rs 540 for 10 grams of 22-carat and 24-carat gold, respectively.

Following are the current gold rates in various Indian cities

Reasons for surge in rates

The surge in gold rates in Hyderabad and globally can be attributed to a buzz for the US Federal rate cut. The possibility of low interest rates makes financial instruments less attractive for investors compared to gold, which is considered a safe investment.

Moreover, geopolitical tensions especially in the Middle East over the Israel-Hamas conflict and the Russia-Ukraine war are also contributing to the rise in gold rates.

Among domestic factors, marriage season in India is a major one. Amid the marriage season in India, the demand for gold in Hyderabad and other domestic markets remains firm, thereby resulting in a surge in rates.