Gold prices in Hyderabad reach Rs 60,000 amid dollar index slide

The 24 karat gold per 10 grams reached a price of Rs 60,000, marking a significant increase of Rs 380 from the previous day's price of Rs 59,620.

Hyderabad: After a prolonged slump lasting over 15 days, gold prices in Hyderabad witnessed a remarkable surge on Wednesday.

The 24 karat gold per 10 grams reached a price of Rs 60,000, marking a significant increase of Rs 380 from the previous day’s price of Rs 59,620. Simultaneously, the 22 karat gold per 10 grams was priced at Rs 55,000, reflecting an upswing of Rs 350.

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Since June 20, gold prices had remained below the coveted Rs 60,000 mark. This surge was attributed to a slide in the US dollar index, which plummeted to a 15-month low.

The US dollar index, a measure of the greenback’s value against a basket of major currencies, experienced a notable decline due to easing US inflation. As inflationary pressures in the United States eased, the value of the US dollar weakened. Market experts anticipate that this trend may continue as long as the US dollar remains under pressure and inflation remains subdued.