Gold prices rise steadily in Hyderabad

Hard to resist is the lure of gold. Whether as an embellishment to show off or quietly tuck away as investment, the precious metal happens to be the choice of most.

Hyderabad: This summer, it is not just the mercury that is rising, but gold, too, has been on an upward march on the price charts.

Hard to resist is the lure of gold. Whether as an embellishment to show off or quietly tuck away as investment, the precious metal happens to be the choice of most.

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In the last three days, the gold rates have been rising steadily and in Hyderabad, 10 gm gold on Thursday was priced at Rs 90,660, as against the rate of Rs 90,440 on Wednesday.

According to the jewellers, the gold rates, in just one day, rose by Rs 220 on 24 karat and Rs 200 on 22 karat. “If you compare with Tuesday rates, the gold rates for 24k went up by Rs 660 for 10 gm and Rs 600 for 22k,” revealed a staffer working for a leading jewellery store. The 24 karat gold price touched the Rs 90,000 mark on March 18 and, in just two days, shot up by Rs 660!

Industry watchers in the city forecast the gold to fluctuate a little once in a while on the price charts in the next few weeks, but keep its upward rise. “There are some market speculations of the gold prices rising to hit the Rs 1 lakh mark soon. However, it might not be that early as being speculated,” said a jeweller.

There is also that market chatter on many people shifting from property to gold for investment, given the stagnant and uncertain times faced by the city real estate market. Gold, as is pointed out, is presently considered as a safe bet to invest the money.

“If you check last few months, you will realise that the 10 gm 24k gold price in the last one month rose by more than Rs 2,500 and by around Rs 7,300 in last three months. There were minor fluctuations and corrections, but the value kept going up,” he said.

10 gm 24k gold prices in Hyderabad in last 10 days:

March 11: Rs 87,490

March 12: Rs 87,980

March 13: Rs 88,580

March 14: Rs 89,780

March 15: Rs 89,670

March 16: Rs 89,670

March 17: Rs 89,560

March 18: Rs 90,000

March 19: Rs 90,440

March 20: Rs 90,660