Gold prices in Hyderabad surge beyond Rs 70,000 mark, silver also hits record high

On Thursday, the price of 24-carat gold soared to a record-breaking Rs 70,470 per 10 grams, marking a substantial increase of Rs 600 within a single day. This milestone represents the first time in a year that gold has breached the Rs 70,000-mark in the Hyderabad market.

Hyderabad: The relentless surge in gold and silver prices in Hyderabad has reached unprecedented levels, with gold surpassing the Rs 70,000 per 10-gram mark. On Thursday, the price of 24-carat gold soared to a record-breaking Rs 70,470 per 10 grams, marking a substantial increase of Rs 600 within a single day. This milestone represents the first time in a year that gold has breached the Rs 70,000-mark in the Hyderabad market.

Just a day earlier, on Wednesday, the price of 24-carat gold per 10 grams stood at Rs 69,870 in Hyderabad. Simultaneously, the price of silver also scaled new heights, with 1 kilogram of silver retailing at Rs 85,300, witnessing a surge of Rs 1,300 within a day. This marks the first time in a year that the silver price has crossed the Rs 85,000-mark in Hyderabad’s market.

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The upsurge in gold and silver prices can be attributed to US Federal Reserve Chair Jerome Powell’s recent speech, signaling a dovish stance on interest rates. Powell’s remarks led to a retreat of the US dollar from a four-month high, subsequently bolstering the prices of precious metals.

Commodity market experts point to Powell’s speech as the catalyst behind the surge in gold and silver prices, anticipating potential interest rate cuts in the upcoming US Federal Reserve meeting scheduled from April 30 to May 1, 2024. Furthermore, the decline of the US dollar index from its recent peak has contributed to the bullish trend observed in bullion metal prices worldwide.