Gold rates in Hyderabad skyrocket, cross Rs 80K mark

Hyderabad: Gold rates in Hyderabad have reached new highs today, crossing the Rs 80,000 mark for 24-carat gold.

This upward trend has been consistent throughout October.

Unprecedented gold prices in Hyderabad

As of today, the price of 10 grams of 22-carat gold in Hyderabad stands at Rs 73,400, while 24-carat gold has surged to Rs 80,070.

These record-breaking figures reflect a 4.11 percent increase in gold prices for both 22-carat and 24-carat gold compared to the beginning of the month.

At the start of October, 22-carat gold was priced at Rs 70,500, and 24-carat gold was at Rs 76,910.

Today’s rates have climbed by Rs 400 for 22-carat gold and Rs 430 for 24-carat gold, contributing to the overall monthly increase in prices. This marks a new high for gold rates in Hyderabad, highlighting a trend of steady price hikes.

Hyderabad’s spike in gold prices is not an isolated event. Other major Indian cities, including Mumbai, Delhi, and Bengaluru, have also experienced significant increases in gold rates.

Following are the gold prices in various cities

With gold traditionally viewed as a safe-haven investment, the market has seen a surge in consumer interest across the country.

Key factors driving prices

Several global and domestic factors are contributing to the rising gold rates in Hyderabad and other cities:

1. US Federal Reserve Rate cuts: The recent 50-basis-point cut by the US Federal Reserve has fueled positive market sentiment, driving up gold prices. With expectations of more rate cuts until 2026, gold remains an attractive investment option.
2. Geopolitical tensions: Escalating tensions in the Middle East and the ongoing Russia-Ukraine conflict have led investors to seek out gold as a safe-haven asset. These geopolitical uncertainties are playing a major role in the ongoing rise of gold rates.
3. US election and global instability: Uncertainty surrounding the US election and potential geopolitical repercussions, such as Israel’s anticipated retaliation against Iran, have further increased safe-haven demand for gold.
4. Increased buying by central banks: Strong consumer demand, coupled with increased gold purchases by central banks, especially in emerging markets, has added to the upward pressure on prices.

The skyrocketing gold rates in Hyderabad raise concerns about a potential drop in domestic demand, especially with the festive and wedding season fast approaching. Traditionally, gold plays a significant role in Indian cultural and religious ceremonies, but high prices could deter potential buyers.

The future of gold prices in Hyderabad will largely depend on several factors, including decisions by the US Federal Reserve, ongoing geopolitical tensions, and global market trends. Any significant developments in these areas could lead to further fluctuations in gold prices.