Gold prices in Hyderabad surge to record highs, reaching Rs 74850/10gm mark
HYDERABAD: The price of yellow metal soared to a record high, with 24-carat gold per 10 grams reaching Rs 74,850 in retail markets across the city, continuing its upward trajectory, reaching a historic peak today. In just a span of a month in Hyderabad, the price of 24-carat gold per gram escalated from Rs 6650.6 on March 15 to the current record high of Rs 7485 today, according to industry reports.
The gold rates in Hyderabad and other parts of the country have been witnessing a surge for the past few weeks due to growing geopolitical tensions in the Middle East and other factors. While the persistent inflation due conflicts in Central Asia and no end in sight to the Russia-Ukraine war, prompted investors to seek refuge in the safe haven that gold traditionally represents, the growing anticipation of interest rate cuts in the United States by June this year, made gold more attractive than interest-bearing investments.
Moreover, the ongoing trend of central banks globally acquiring gold has also contributed to market apprehensions. As a result, the increase in demand drove the gold price surge to over 15% since the start of the year, cementing its status as a preferred hedge against inflation and a sanctuary amid political and economic uncertainty.
Recently, Goldman Sachs, an American multinational investment bank and financial services company, raised the forecast for the price of yellow metal to USD 2700 per ounce by year-end. If this forecast proves accurate, the prices of 10 grams of 22-carat and 24-carat gold in Hyderabad could surpass Rs 75,000 and Rs 82,000 respectively.
With the rapid rise in gold prices, experts in the city are advising caution and patience before making significant purchases.
24K Gold rate in Hyderabad for last 10 days per gram
– Apr 15, 2024: ₹7485
– Apr 14, 2024: ₹7460
– Apr 13, 2024: ₹7255
– Apr 12, 2024: ₹7331
– Apr 11, 2024: ₹7222
– Apr 10, 2024: ₹7211
– Apr 9, 2024: ₹7173
– Apr 8, 2024: ₹7162
– Apr 7, 2024: ₹7129
– Apr 6, 2024: ₹7129