Hyderabad: Gold rates in Hyderabad have dipped significantly over the last five days.
On August 28, the prices for 10 grams of 24-carat and 22-carat gold were Rs 73,250 and Rs 67,150, respectively.
Gold rates in Hyderabad dip below Rs 73K mark
In the past five days, prices have fallen below the Rs 73,000 mark.
Today, the prices of 10 grams of 24-carat and 22-carat gold are Rs 72,770 and Rs 66,700, respectively.
Below are the current gold rates in Hyderabad and other metro cities.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 66850 | 72920 |
| Kolkata | 66700 | 72770 |
| Mumbai | 66700 | 72770 |
| Hyderabad | 66700 | 72770 |
| Chennai | 66700 | 72770 |
Why is yellow metal under pressure?
Last month, gold rates dropped significantly following the announcement of a reduction in customs duty on the yellow metal.
However, after the decline, prices jumped due to increased demand in the domestic market and favorable international conditions, particularly the expectation of a Federal Reserve rate cut.
As the anticipated 0.25 basis point rate cut by the Federal Reserve in September has already been factored into gold rates, further increases are possible if the rate cut exceeds expectations or if a dovish stance is signaled.
Additionally, the earlier price rise was driven by strong central bank purchases, which have now slowed down.
The future direction of gold rates in Hyderabad and other cities in India will largely depend on international factors, particularly Federal Reserve rates and geopolitical stability in Middle Eastern countries.
