Hyderabad: The gold rates in Hyderabad have reached a three-week high, with a 2.5 percent increase in the past 10 days.
The price of 10 grams of 24-carat gold rose from Rs 60,490 on November 13 to Rs 62,020 today.
Gold rates in Hyderabad displayed U-shaped growth
In November, gold rates in the city displayed a U-shaped growth, initially declining until the 15th and then gradually rising.
While there was no movement in the rates in the last two days, they have already hit a three-week high.
Reasons for jump in rates
The surge in gold rates in Hyderabad and globally can be attributed to the expectation that the US Federal Reserve will not hike interest rates, keeping the dollar and US bond yields subdued.
On Wednesday, the international market recorded a gold price of USD 2,000.38 per ounce. The US gold futures were steady at USD 2,002.40.
The macroeconomic backdrop is becoming supportive for gold, as moderating inflation in the US suggests a potential end to the US interest rate hiking cycle.
The increasing gold rates in Hyderabad and worldwide are influenced by various factors. The future trends in the rates of yellow metal remain dependent on interest rates and efforts to de-escalate the Israel-Hamas conflict.
