Hyderabad: The gold rates in Hyderabad declined slightly after surging beyond the 1 lakh mark. In the current month, the rates broke all-time records nine times.
The current gold rates in the city are Rs 89,400 and Rs 97,530 per 10 grams of 22-carat and 24-carat yellow metal.
On January 1, the rates were Rs 71,500 and Rs 78,000 per 10 grams of 22-carat and 24-carat yellow metal. This translates to a surge of over 25 percent in the current year.
Future gold rates in Hyderabad
In view of the huge surge, people are delaying their purchase of the yellow metal with an expectation of a price fall. However, experts remain bullish on the future trends of the gold rates.
At present, the gold price in the global market is USD 3,285.10 per ounce. Following are the price projections by various experts.
| Experts | 2025 year-end target (USD/oz) |
| Goldman Sachs | 3700 |
| UBS and Bank of America | 3500 |
| JP Morgan | 3675 |
| Morgan Stanley | 3400 |
Reasons for surge
In the current year, the gold rates in Hyderabad and other parts of the world surged by over 25 percent due to global uncertainties and trade wars.
Another factor supporting gold prices is the weakening of the US dollar. The dollar index hit a three-year low, making gold more attractive for investors holding other currencies.
Since gold is priced in dollars, a weaker dollar makes it cheaper for buyers in other countries, which boosts its demand.
The future direction of the price depends on the possible trade deals, Russia-Ukraine relations and Middle East stability.
Though the gold declined slightly from its all-time high, in view of the uncertainty and trade policies, people are shifting their investments towards gold, resulting in a surge in the rates of the yellow metal in Hyderabad and other cities.
