Hyderabad: Gold rates slipped in Hyderabad after the US Federal Reserve kept interest rates unchanged.
The rates of 24-carat and 22-carat yellow metal declined by Rs 600 and Rs 550 in just one day.
Reasons for dip
US Fed Chair Jerome Powell noted the central bank expects an increase in inflation in the coming months amidst tariffs and other factors, reinforcing a cautious policy stance.
Meanwhile, there is still no resolution in the Israel and Iran conflict, and the war-like situation continues; however, expectations of an ease-off are weighing on prices.
Gold and silver prices slid from recent highs and reached around one-week lows.
Silver prices fell below USD 35.70 per ounce after a sharp rally earlier in the week. The decline came as investors liquidated positions in bullion to cover losses elsewhere amid rising geopolitical tensions between Israel and Iran.
Gold rates trend in Hyderabad
As of Friday, the price of 10 grams of 22-carat gold in Hyderabad stands at Rs 92,100, whereas 24-carat gold has declined to Rs 1,00,480.
However, when compared to rates at the beginning of the year, when 22-carat gold was priced at Rs 71,500 and 24-carat gold at Rs 78,000, it is a jump of 28 percent.
Hyderabad’s spike in gold rates is part of a nationwide trend, with other major cities like Mumbai, Delhi, and Bengaluru also witnessing substantial increases.
