Hyderabad: After declining for six days, gold rates in Hyderabad have reversed their trend. Today, the prices of the yellow metal saw an increase.
From November 3 to 9, the rates of gold declined by over 1.6 percent, dropping from Rs 61,640 per 10 grams of 24-carat gold on November 3 to Rs 60,760 yesterday.
Gold rates in Hyderabad jumped today
Today, the rates of the yellow metal in Hyderabad jumped by over 0.5 percent.
The current gold rates in the city are Rs 56,000 and Rs 61,090 per 10 grams of 22-carat and 24-carat gold, respectively.
|Date||10 grams of 22-carat (in Rs)||10 grams of 24-carat (in Rs)|
Why did the rates jump now?
Today’s increase in gold rates in Hyderabad can be attributed to several factors including global ones. One of the reasons is bond yields.
Additionally, the festive season in the city is another contributing factor. Dhanteras, a special day in the Hindu calendar, is considered lucky for buying gold, which increases the demand for the yellow metal and pushes up rates in Telangana and other states in India.
Furthermore, geopolitical tensions, including the Israel-Hamas conflict, are also adding to the rising rates of gold in Hyderabad.