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
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 69050 | 75310 |
| Kolkata | 68900 | 75160 |
| Mumbai | 68900 | 75160 |
| Hyderabad | 68900 | 75160 |
| Chennai | 69000 | 75280 |
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.
