Hyderabad gold, silver prices surge to record highs
HYDERABAD: Gold and silver prices have surged sharply in Telangana, moving further out of reach for the common and middle class. The rally shows no signs of easing, with market experts ruling out any near-term correction.
Prices of both precious metals, which began rising steadily from January last year, have continued their upward trajectory since the start of this year as well. Traders say such levels were never seen in the past.
Despite muted physical demand, bullion prices remain firm due to a combination of global factors. Experts said international market volatility, inflationary pressures, the rupee’s depreciation against the dollar, economic slowdown in overseas markets and policy decisions of the US government are driving prices higher.
Market participants said decisions taken by the US administration, including those under former president Donald Trump, continue to influence global bullion trends. Over the past year, gold prices have risen by nearly 80%, while silver prices have jumped by around 200%, experts added.
With the auspicious wedding season beginning from February along with the start of the Magha month, prices could climb further due to seasonal demand, traders warned.
On Friday morning, bullion rates recorded at 6 am in the Hyderabad bullion market showed another sharp rise. The price of 10 grams of gold increased by ₹2,800, while silver rose by ₹20,000 per kg.
As per the latest rates, 10 grams of 22-carat gold was priced at ₹1,46,410, while 10 grams of 24-carat gold stood at ₹1,59,720. Silver prices touched ₹3.60 lakh per kg.
