Hyderabad: Gold rates in Hyderabad once again touched the Rs 60,000-mark yesterday, rising after reaching a three-month low level recently.
The rates of 24-carat and 22-carat yellow metal in the city reached Rs 60,000 and Rs 55,000, respectively.
Reasons for the hike
The hike in gold rates can be attributed to the weak US dollar.
As the US dollar has weakened, gold rates have seen a significant jump. Consequently, gold rates have reached near their highest levels in the past month.
Gold rates in Hyderabad are still lower than the all-time high
It is worth noting that even with the recent hike, the current gold rates are still lower than the all-time high witnessed on May 5, 2023.
The current gold rates in Hyderabad are approximately four percent lower than the levels on May 5. On that day, the 24-carat and 22-carat gold rates were Rs 62,400 and Rs 57,200, respectively.
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 and geopolitical instability arising from the Russia-Ukraine war.
It remains to be seen whether the gold rates will continue to rise or if they will start declining again in response to changing market conditions.
