Hyderabad: The declining trend in gold rates in Hyderabad over the past few days has reversed as they are now on the rise amid tensions in the Middle East region due to the Israel-Palestine conflict.
In response to the Middle East tensions, investors have turned to gold which is considered as a safe haven asset during uncertain times.
Current gold rates in Hyderabad
Presently, the rates of gold in Hyderabad stand at Rs 53,650 for 10 grams of 22-carat gold and Rs 58,530 for 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.
Although the price of gold has increased by over 2 percent from the six-month low, jewelry shops in Hyderabad are witnessing a rush, as many anticipate that prices may rise further.
Israel-Palestine Conflict
The recent tensions in the Middle East were sparked by Hamas attacks that resulted in the deaths of hundreds of Israelis and injuries to many.
In response to these attacks, Israel launched airstrikes against the Gaza Strip, claiming that the attacks were targeting Hamas infrastructure. These airstrikes have resulted in the deaths of 436 Palestinians, including 91 children and 61 women. Additionally, 2,271 Palestinians have sustained various injuries, including 244 children and 151 women.
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 rates of yellow metal to rise not only in Hyderabad but also in other Indian cities and around the world.
