Gold prices in hyderabad have reversed their recent downward trend and are currently rising as a result of the Israel-Palestine conflict-related tensions in the Middle East. Investors have resorted to gold as a safe haven asset during uncertain times in reaction to the tensions in the Middle East.

Current gold Rates in Hyderabad
Presently, the rates of gold in hyderabad stand at Rs 53,650 for 10 grams of 22-carat gold and Rs 58,530 for 24-carat gold. Recently, the price of gold hit a six-month low, with rates for 10 grams of 22-carat and 24-carat gold dropping to Rs 52,600 and Rs 57,380, respectively. Although the price of gold has increased by over 2 percent from the six-month low, jewelry shops in hyderabad are witnessing a rush, as many anticipate that prices may rise further.

Israel-Palestine Conflict
The Hamas attacks, which left hundreds of Israelis dead and several others injured, were the initial cause of the ongoing tensions in the Middle East. israel retaliated to these attacks by attacking the Gaza Strip with airstrikes, stating that the targets were Hamas infrastructure. 436 Palestinians have died as a result of these attacks, 91 of them children and 61 of them women. Furthermore, 2,271 Palestinians—244 of whom were children and 151 of whom were women—have suffered a variety of injuries.

Investors are turning to gold as a result of the increasing volatility in global markets brought on by the escalation of tension in the Middle East, which has caused yellow metal prices to climb not just in hyderabad but also in other indian cities and globally.
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SIBY JEYYA

11/10/2023 09:42 AM