Hyderabad: The gold rates have started surging again amid the wedding season in Hyderabad and other Indian cities.
In international markets too, the surge in the rates of the precious metal was witnessed. On Saturday, in a single day, the rates went up by over 1.5 percent.
Gold rates amid wedding season in Hyderabad
As of November 23, the rates of the yellow metal are Rs 125840 and Rs 115350 per 10 grams of 24-carat and 22-carat gold respectively.
Along with gold, silver prices soared sharply. The white metal is currently priced at Rs 172000 per kilogram.
The rates not only surged in Hyderabad and other cities in India but also in the international market where both gold and silver futures have started climbing on Saturday.
Reason behind surge
Ahead of wedding season in Hyderabad, the rise in rates of gold and silver came amid signs of some ease in the global trade order, fading expectations of a December rate cut by the US Federal Reserve and a stronger dollar index.
Amid the wedding season in Hyderabad and other cities in India, Ponmudi R, CEO of Enrich Money said, “Gold experienced a healthy correction but continues to maintain a strong bullish framework.”
As per a recent report from Ventura Securities, dovish signals from the U.S. Federal Reserve, ETF inflows, and central bank purchases are driving the surge in gold rates.
“Starting the next rally from Dhanteras 2025, the uncharted territory of $5000 per ounce or Rs 1,50,000 per ten grams could be in 2026,” the report noted.
The future trends of gold and silver rates in Hyderabad and other parts of the world will majorly depend on geopolitical and local situations including demand during the wedding season.
