Since yesterday, when prices in hyderabad surpassed the Rs 60,000 threshold, gold has begun to shine once more. In the city, the cost of 24- and 22-carat yellow metal was Rs 60,060 and Rs 55,060, respectively.
Reasons for the Hike

The rise in gold prices can be ascribed to the US Federal Reserve's anticipated halt to interest rate increases as its policy meeting is this week. In addition, investors in hyderabad and elsewhere who view gold as a safe haven are drawn to it more due to the collapse in Asian shares.

Gold rates in hyderabad still lower than All-time High
It is important to remember that despite the recent increase, current gold prices remain lower than the record high reached on May 5, 2023. Hyderabad's current gold prices are over 4% lower than they were on May 5. The prices for 24- and 22-carat gold were Rs 62,400 and Rs 57,200, respectively, on that day.

Due to a number of factors, including the decisions that central banks, including the US Federal Reserve, will make to contain inflation, the future direction of gold rates in hyderabad and other indian cities is still unpredictable. It is unclear if gold prices will keep rising or whether they will start falling once more in reaction to shifting market circumstances.




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SIBY JEYYA

19/09/2023 11:11 AM