Hyderabad gold rates rise; demand stays muted
HYDERABAD: Gold and silver prices surged last week after a short correction, with fresh buying seen ahead of the wedding season.
Traders fear high rates may hit sales
Jewellers said purchases are largely need-based as prices remain elevated, and wedding-related bulk buying has declined compared to previous years.
Gold prices are expected to rise further, according to market estimates. Though prices had fallen sharply for a few days, raising hopes of a deeper correction, the rally has resumed.
Traders said sales would gather pace only if the price of 10 grams of gold falls below ₹1,00,000. Until then, demand is likely to remain muted.
Investors are also holding back from booking profits, anticipating further gains in gold and silver.
On Monday morning at 6 am, prices in the Hyderabad bullion market were recorded as follows:
22-carat gold (10 grams): ₹1,45,990
24-carat gold (10 grams): ₹1,59,270
Silver (1 kg): ₹2,89,200
Prices may change by afternoon depending on market movements.
