Hyderabad: The gold rates in Hyderabad and other cities in India hit a three-month high on Friday, August 21.
In Hyderabad, the prices of 24-carat and 22-carat yellow metal reached Rs 1,60,480 and Rs 1,47,100 per 10 grams, respectively.
Why are gold rates surging in Hyderabad?
The gold rates in Hyderabad and other cities are increasing due to global reasons, as India is an importer of the yellow metal.
Globally, gold rates are going up mainly because investors are buying gold as a safe asset during economic uncertainty.
Another reason is changes in US interest rates, bond yields, and the dollar.
Currently, the gold rates in Hyderabad have crossed the three-month high. On May 25 this year, 10 grams of 24-carat gold cost Rs 1,59,380, and 10 grams of 22-carat yellow metal cost Rs 1,46,100.
Earlier, the rates declined to as low as Rs 1,40,780 and Rs 1,29,050 per 10 grams of 24-carat and 22-carat yellow metal on July 1, 2026.
Futures trade
The gold prices on Friday rose by Rs 1,432 to Rs 1.60 lakh per 10 grams in futures trade as speculators created fresh positions on firm spot demand.
On the Multi Commodity Exchange, the yellow metal contract for October delivery traded higher by Rs 1,432, or 0.9 per cent, at Rs 1,60,857 per 10 grams in a business turnover of 2,542 lots.
Fresh positions by market participants led to a rise in the precious metal’s prices, analysts said.
Gold futures rose 0.98 per cent to USD 4,561.01 per ounce in New York.
The future trend of gold rates in Hyderabad and other districts depends on global uncertainties and economic data.
