Gold rates in Hyderabad inch closer to all-time high after surge

As gold rates have surged, the demand for the yellow metal may decline in the domestic market.

Hyderabad: Gold rates in Hyderabad are approaching all-time highs after the US Federal Reserve cut interest rates on Wednesday.

Today, the price of 10 grams of 24-carat gold increased by nearly one percent from Rs 74,450 on September 19.

Gold rates in Hyderabad cross 75K mark

Currently, gold rates in Hyderabad stand at Rs 68,850 for 10 grams of 22-carat gold and Rs 75,110 for 10 grams of 24-carat gold.

The all-time high gold rates in the city were Rs 68,900 and Rs 75,160 for 10 grams of 22-carat and 24-carat gold, respectively, recorded on May 20, 2024.

Below are the current gold rates in Hyderabad and other metro cities.

In the international market, gold rates have also approached all-time highs.

The current gold prices in India have surpassed the three-month high recorded on July 17.

Reasons for the rise in rates

The recent increase in gold rates in Hyderabad and other parts of the world can be attributed to various factors. The primary reason is the interest rate cut by the Federal Reserve, which has led to increased demand for the zero-yield bullion.

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There is an expectation that the Fed will reduce rates further by at least 25 basis points in November.

As gold rates in Hyderabad and other Indian cities have surged, the demand for the yellow metal may decline in the domestic market.

Future trends in gold rates will largely depend on several factors, including the Federal Reserve’s decisions and the geopolitical situation in the Middle East.