Hyderabad: Gold rates in Hyderabad have been witnessing a bull run. In the past six days, the prices surged by nearly 3 percent.
The jump in rates was seen after the dip that resulted from the cut in customs duty announced during the budget.
Gold rates in Hyderabad surpass 70K mark again
Following the cut in duty from 15 percent to 6 percent, announced by Finance Minister Nirmala Sitharaman while presenting the budget last month, the prices of the yellow metal crashed.
July’s low, recorded on the 26th, was Rs 63,000 and Rs 68,730 for 10 grams of 22-carat and 24-carat gold, respectively.
From that low, prices jumped by 2.85 percent till today. The current gold rates in Hyderabad for 10 grams of 22-carat and 24-carat gold are Rs 64,800 and Rs 70,690, respectively.
Following are the current rates of gold in various cities.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 64950 | 70840 |
| Kolkata | 64800 | 70690 |
| Mumbai | 64800 | 70690 |
| Hyderabad | 64800 | 70690 |
| Chennai | 64600 | 70470 |
Reason for the surge in rates
Though the government cut the duty, it is likely to provide temporary relief to consumers of gold as India is a net importer of the yellow metal.
Any change in the global market is going to impact the rates of gold in Hyderabad and other Indian cities.
The recent surge in gold rates can be attributed to the hope of a US Fed rate cut, which is most likely next month.
Following the rate cut, the demand for gold will rise globally.
It remains to be seen whether the gold rates in Hyderabad and other Indian cities will again reach the 75K mark in the near future.
