Hyderabad: Gold rates in Hyderabad have once again breached the Rs 64,000 mark, approaching the all-time high witnessed in December last year.
The record highs of Rs 64,250 and Rs 58,900 for 10 grams of 24-carat and 22-carat gold, respectively, were recorded on December 28, 2023.
Current gold rates in Hyderabad
Currently, the prices for 10 grams of 24-carat and 22-carat gold stand at Rs 64,090 and Rs 58,750, respectively.
While gold rates in Hyderabad experienced a 0.96 percent decline in February, they have seen a significant rise in the past three days of the current month.
Here are the 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 | 58900 | 64240 |
| Kolkata | 58750 | 64090 |
| Mumbai | 58750 | 64090 |
| Hyderabad | 58750 | 64090 |
| Chennai | 59400 | 64800 |
Why rates jump?
As India is a gold importer, rates are primarily influenced by international factors.
The recent surge in gold rates in Hyderabad and other Indian cities is attributed to concerns in the US banking sector.
Additionally, investors are adopting a wait-and-watch approach for the US Federal Reserve rate cut and clarity on the global growth outlook.
The instability in the Red Sea is also contributing to investors’ decisions to park their cash in gold, considered a safe haven.
