Gold prices reach all-time high in Hyderabad
In the past four months, the prices of yellow metal have been volatile, reaching as high as Rs 75,000 and dropping to as low as Rs 72,000. The current upward trend suggests that prices may soon hit Rs 78,000.
Hyderabad: Gold prices in Hyderabad have surged to an all-time high, marking the third significant increase this year. On Tuesday, the price of 24-carat gold per 10 grams reached Rs 75,570, setting a new record.
In the past four months, the prices of yellow metal have been volatile, reaching as high as Rs 75,000 and dropping to as low as Rs 72,000. Earlier in the year, gold prices had hit Rs 74,340 in April and Rs 75,160 in May before stabilizing around Rs 72,000. However, the current upward trend suggests that prices may soon hit Rs 78,000.
Praveen Kumar, the secretary of the Twin Cities Jewellers Association, noted that gold rates are influenced by currency exchange rates and international markets. “The international investment in gold has been increasing, with gold prices rising from $2,200 per ounce in January to $2,400 per ounce recently. It is expected to reach $2,600 per ounce by Christmas due to continued international purchases. Given the current trend, we expect prices to shortly cross Rs 78,000,” he stated.
In July, the yellow metal has experienced an upward surge, increasing by 2.41 per cent. The price of 24-carat gold per ten grams on July 1 was at Rs 72,280, marking a notable rise of Rs 3,290.
“Many countries are increasing their gold reserves, which also contributes to the rising prices. Once, it was primarily the US and Australia holding significant reserves, but now China has moved to the second position in terms of gold reserves,” Kumar explained. “As these reserves grow, we are witnessing a bullish trend in the gold market, with increasing demand driving up prices.”
The prices of 22-carat gold are also following a similar upward trajectory in Hyderabad, reflecting the overall bullish sentiment in the gold market. Meanwhile, silver prices have seen a significant increase, currently standing at Rs 95,000 per kilogram.
