Gold prices in Hyderabad surge to all-time high, crossing Rs 79,000 mark

On Saturday, the price of 24-carat gold climbed to an unprecedented Rs 79,420 per 10 grams, and 22-carat gold followed closely at Rs 72,800 per 10 grams.

Hyderabad: The glitter of gold is brighter than ever in Hyderabad as the city witnesses a historic spike in gold prices, driven by both festive cheer and global uncertainty.

On Saturday, the price of 24-carat gold climbed to an unprecedented Rs 79,420 per 10 grams, and 22-carat gold followed closely at Rs 72,800 per 10 grams.

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As the city gears up for Diwali, Dhanteras, and the grand wedding season, buyers find themselves in a dilemma—caught between the cultural significance of purchasing gold and the reality of surging prices. The glitter of gold has never felt heavier on the pockets of Hyderabadis.

“The increase in gold prices is largely tied to global market conditions, including uncertainty surrounding the upcoming U.S. elections,” said Gopi Krishna Manepally, Managing Director of Manepally Jewellers. “If the election results align with current market expectations, prices might stabilize. But if not, we could see further escalation.”

Manepally also noted a shift in local demand, stating that the once feverish appetite for gold ahead of festivals and weddings has cooled somewhat. “Compared to previous years, demand has dropped by around 30 per cent,” he said. People are waiting to see if prices come down, but with the festive season approaching, many will still make purchases regardless.

Over the last ten days, Hyderabad’s gold prices have reflected both global and local market dynamics, climbing steadily as international investors flock to the metal in light of geopolitical uncertainties.

On October 18, the price for 24-carat gold was Rs 78,980 per 10 grams, showing a steep increase from the Rs 77,400 on October 15. The trend continues upward, with small daily fluctuations. For instance, on October 17, the price was Rs 78,110, a modest increase from Rs 77,890 of October 16, which itself was up from Rs 77,400 on October 15. This rollercoaster in gold prices mirrors global economic conditions.

This price surge is hitting Hyderabad’s gold markets hard, with buyers displaying a cautious approach. Jewelers noted that customers are making more calculated purchases, opting for simpler, lighter pieces or even investing in gold coins and bars instead of heavier, ornate jewelry.

Gold prices in Hyderabad:

Date	22K	24K
Oct 19	Rs.72,800 ( 400)	Rs.79,420 ( 440)
Oct 18	Rs.72,400 ( 800)	Rs.78,980 ( 870)
Oct 17	Rs.71,600 ( 200)	Rs. 78,110 ( 220)
Oct 16	Rs.71,400 ( 450)	Rs.77,890 ( 490)
Oct 15	Rs.70,950 (-200)	Rs.77,400 (-220)
Oct 14	Rs.71,150 (-50)	Rs. 77,620 (-50)
Oct 13	Rs.71,200 (0)	Rs.77,670 (0)
Oct 12	Rs.71,200 ( 250)	Rs.77,670 ( 270)
Oct 11	Rs.70,950 ( 700)	Rs.77,400 ( 760)
Oct 10	Rs.70,250	Rs.76,640