Summary:
Gold Rates in Hyderabad Surge to Record High Amid Geopolitical Uncertainty Gold prices in Hyderabad have reached an all-time high amid global geopolitical tensions, rising by 3.23 percent in eight days. Currently, 10 grams of 22-carat gold is priced at Rs 65,800, and 24-carat gold at Rs 71,770. The surge is attributed to international market trends, central bank purchases, and reduced interest rates.
Gold Rates in Hyderabad Surge to Record High Amid Geopolitical Uncertainty
Gold Rates in Hyderabad Surge to Record High Amid Geopolitical Uncertainty Gold prices in Hyderabad have surged to a new all-time high amidst escalating geopolitical tensions, mirroring a global trend. The precious metal’s value on the Multi Commodity Exchange (MCX) has risen in tandem with international markets.
Over the span of eight days, gold rates in Hyderabad have witnessed a remarkable increase of 3.23 percent. On April 1, the price for 10 grams of 22-carat gold stood at Rs 63,600, while 24-carat gold was priced at Rs 69,380. Presently, these rates have surged to Rs 65,800 and Rs 71,770 respectively.
The table below illustrates the fluctuation in gold rates in Hyderabad since April 1:
| Dates | 10g of 22-carat gold (in Rs) | 10g of 24-carat gold (in Rs) |
|---|---|---|
| April 8 | 65,800 | 71,770 |
| April 7 | 65,500 | 71,440 |
| April 6 | 65,500 | 71,440 |
| April 5 | 64,300 | 70,130 |
| April 4 | 64,750 | 70,620 |
| April 3 | 64,250 | 70,020 |
| April 2 | 63,500 | 69,260 |
| April 1 | 63,750 | 69,530 |
On the MCX, gold futures maturing on June 5, 2024, were observed at Rs 70,981 per 10 grams, marking an increase of Rs 345 or 0.49 percent from the previous close.
Internationally, spot gold surged by 0.6 percent to USD 2,343.89 per ounce, reaching a record high of USD 2,353.79 earlier in the session.
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Several factors contribute to the soaring gold prices. Geopolitical tensions in Central Asia, particularly the Israel-Hamas conflict and the ongoing Russia-Ukraine war, have heightened demand for gold as a safe-haven asset. Additionally, central banks purchasing substantial quantities of gold, coupled with reduced interest rates signaled by the US Fed, have spurred investor interest in the precious metal.
Despite the traditional demand for gold in Indian weddings, jewelers in Hyderabad and other cities note a decline in demand due to the escalating prices. This sentiment is reflected in diminishing imports of gold, according to industry experts.
Source-Siasat
