Gold rates in Hyderabad once again break all-time high records

Today's rates alone have climbed further by Rs 800 for 22-carat and Rs 870 for 24-carat gold.

Hyderabad: Gold rates in Hyderabad have reached unprecedented levels today, continuing their upward trend and setting new all-time highs.

The price of 10 grams of 22-carat gold now stands at Rs 72,400, while 24-carat gold has surged to Rs 78,980, marking a significant jump.

Sharp increase in October

So far, October has seen an over 2 percent increase in gold prices in Hyderabad.

At the start of the month, 22-carat gold was priced at Rs 70,500 and 24-carat gold at Rs 76,910. This means that in less than a month, 22-carat gold has risen by 2.69 percent, while 24-carat gold has witnessed a similar percentage growth.

Today’s rates alone have climbed further by Rs 800 for 22-carat and Rs 870 for 24-carat gold.

Current gold rates in Hyderabad, other cities

Hyderabad’s sharp rise in gold rates is part of a broader trend being observed across major cities in India.

With gold being a traditional investment, cities like Mumbai, Delhi, and Bengaluru have also experienced significant increases in gold prices.

Following are the gold prices in various cities

Key factors driving gold rates in Hyderabad, other cities

The surge in gold rates in Hyderabad and other cities can be attributed to several global and domestic factors:

• US Federal Reserve’s Rate Cuts: A recent 50-basis-point cut by the US Federal Reserve has fueled a positive market sentiment, causing gold prices to rise. Expectations of more rate cuts until 2026 have further strengthened gold as an attractive investment.
• Geopolitical Tensions: Escalating tensions in the Middle East, combined with the ongoing Russia-Ukraine conflict, are pushing investors to flock to gold, considered a safe-haven asset during uncertain times. These geopolitical concerns have played a major role in the ongoing rise in gold rates.

Also Read
Watch: Hyderabad cop’s reaction after sitting inside Lamborghini

Impact on domestic gold demand

With gold prices reaching record highs, there are concerns about a potential decline in domestic demand, particularly with the festive season approaching.

High gold prices may deter buyers from purchasing gold, traditionally seen as a must-have during festivals and weddings.

The future of gold rates in Hyderabad and globally will largely depend on factors such as decisions by the US Federal Reserve and geopolitical developments. Any significant changes in these areas could lead to further fluctuations in the market.