Hyderabad: Gold rates in Hyderabad, other Indian cities, and globally continued to decline on Saturday. This trend began following the release of the U.S. presidential election results.
In the past month, prices have fallen by more than 3 percent.
Current gold rates in Hyderabad
In Hyderabad, the price of gold has dropped by Rs 2,350 for 22-carat gold and Rs 2,560 for 24-carat gold since November 1.
As a result of this decline, the rates have reached Rs 73,850 and Rs 80,560 for 10 grams of 22-carat and 24-carat gold, respectively.
Below are the rates in various other Indian cities.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 71650 | 78150 |
| Kolkata | 71500 | 78000 |
| Mumbai | 71500 | 78000 |
| Hyderabad | 71500 | 78000 |
| Chennai | 71500 | 78000 |
Why are prices of yellow metal falling?
The recent drop in gold prices is mainly attributed to the strengthening of the U.S. dollar and inflation concerns.
In recent days, the U.S. dollar has gained strength, making gold less attractive to holders of other currencies. Additionally, inflationary pressures could slow the U.S. Federal Reserve’s expected rate-cutting trajectory in 2025.
Although gold is considered a safe-haven asset, higher interest rates reduce its appeal to investors, as it does not generate any yield.
The future movement of gold prices in Hyderabad and globally will depend largely on geopolitical developments and U.S. economic data.
