Hyderabad: After reaching a lifetime high by crossing the Rs 64,000 mark, gold rates in Hyderabad dipped today, yet they remain above the Rs 63,000 mark.
Currently, the prices for 10 grams of 24-carat and 22-carat gold are Rs 63,110 and Rs 57,850, respectively.
Gold rates in Hyderabad reached all-time high yesterday
Gold rates reached an all-time high yesterday, not only in Hyderabad but also in other parts of the country.
The rates for 10 grams of 24-carat and 22-carat gold reached Rs 64,200 and Rs 58,850, respectively on Monday.
Reasons for rise in gold prices
The rise in gold prices globally is attributed to the continued depreciation of the dollar against a basket of major currencies, currently close to a three-month low. Growing expectations that the Federal Reserve will likely cut rates in the coming months contribute to this increase.
Expectations of low interest rates make financial instruments less attractive for investors compared to gold, considered a safe investment.
As India imports a significant quantity of gold, global prices directly impact the domestic market.
The future direction of gold rates in Hyderabad and other Indian cities depends on the Federal Reserve’s decisions on interest rates and the geopolitical situation in the Middle East.