Hyderabad: Gold rates in Hyderabad have seen a significant dip, dropping below the Rs 60,000 mark.
The current rates for 10 grams of 22-carat and 24-carat gold have fallen to Rs 54,950 and Rs 59,950, respectively.
Reasons for the decline
The decline in gold rates can be attributed to the strengthening of the US dollar and rising treasury yields.
As the US dollar has remained a preferred asset for investors, gold rates have experienced significant corrections. As a result of these corrections, gold rates have dropped below the Rs 60,000 mark.
The movement of gold rates is also influenced by the potential hike in interest rates by the US Federal Reserve to curb inflation.
Gold rates in Hyderabad still higher
It’s worth noting that even with the recent dip, the current gold rates are still higher than the one-month, three-month, and six-month low.
The future direction of gold rates in Hyderabad and other Indian cities remains uncertain due to various factors, including the possibility of a recession in certain countries, US Fed rate hikes, and geopolitical instability due to the Russia-Ukraine war.
It remains to be seen whether gold rates will continue to decline or if they will start rising again in response to changing market conditions.
