Gold prices hit all-time high in Hyderabad ahead of wedding season

The increase in gold price is not just a flash in the pan, as experts predict that it may reach a whopping Rs 65,000 in the coming days.

Hyderabad: In a glittering development, the price of gold has skyrocketed to an all-time high in six months, sending shockwaves through the city ahead of wedding season. The 24 carat gold per 10 gram on Wednesday retailed at Rs 61,360, an increase of Rs 1,030 from Tuesday.

Meanwhile, the 22 carat gold was priced at Rs 56,350 on Wednesday, marking an upward trend of Rs 950. The increase in gold price is not just a flash in the pan, as experts predict that it may reach a whopping Rs 65,000 in the coming days.

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Several factors have contributed to the surge, including the weakness of the US dollar rate, poor US data, peaking US interest rates, economic uncertainties, and a rise in oil prices.

The US dollar, which is considered the benchmark currency for gold prices, has been fluctuating lately, causing an upswing in gold prices. Furthermore, the US economy has been struggling to recover from the pandemic, leading to poor data and sluggish growth. Meanwhile, the US Federal Reserve has indicated that interest rates may peak, making gold an attractive investment option.

Experts predict that this rise is just the tip of the iceberg, with the possibility of further surges in the near future. With the wedding season just around the corner, many people are rushing to buy gold in anticipation of further price hikes.