Hyderabad: The gold rates in Hyderabad have once again crossed the Rs 60,000 mark due to escalating tensions in the Israel-Palestine conflict. They are likely to rise further as the Israel Defence Forces may soon enter the Gaza Strip.
In response to the Middle East tensions, investors who have already started turning to gold may increase their investments in the yellow metal, which is considered a safe haven asset during uncertain times.
Current gold rates in Hyderabad
Currently, the gold rates in Hyderabad are Rs 55,100 for 10 grams of 22-carat gold and Rs 60,110 for 10 grams of 24-carat gold.
Recently, the price of gold hit a six-month low, with rates for 10 grams of 22-carat and 24-carat gold dropping to Rs 52,600 and Rs 57,380, respectively.
The sharp rise in gold rates may impact jewelry sales during the upcoming festival season of Dhanteras and Diwali in Hyderabad.
Israeli army may soon enter Gaza
Media reports quote Israel Defence Forces’ chief, who said that the army will soon enter the Gaza Strip to target Hamas.
IDF Chief of Staff Lt. General Herzi Halevi told troops in Southern Israel on Sunday, “Our responsibility now is to enter Gaza, go to the places where Hamas is preparing, acting, planning, and launching attacks. Target them everywhere, every commander, every operative, and destroy infrastructure.”
Meanwhile, Egypt is stepping up its military presence at its Rafah border crossing with Gaza, amid fears that Israel intends to push hundreds of thousands of Palestinian refugees across the border into the Sinai desert.
Due to the escalation of tension in the Middle East region, investors are concerned about volatility in global markets and have turned to gold, causing the rates of the yellow metal to rise not only in Hyderabad but also in other Indian cities and around the world.
