Gold prices skyrocket in Hyderabad ahead of wedding season

On Thursday, the price of 24 karat gold per 10 grams surpassed the Rs 58,000 mark for the second time within the past year, ultimately settling at an impressive Rs 58,420.

Hyderabad:  The glittering rise of gold prices in Hyderabad shows no signs of slowing down, as the precious metal continues its upward trajectory ahead of the upcoming wedding season. Experts suggest that the surge in demand, combined with global market fluctuations, has led to a striking spike in the price of gold.

Shops in the city’s bustling markets are experiencing an overwhelming rush for gold jewellery, as families prepare for the upcoming wedding season. On Thursday, the price of 24 karat gold per 10 grams surpassed the Rs 58,000 mark for the second time within the past year, ultimately settling at an impressive Rs 58,420.

The price of 22 karat gold also saw a substantial increase, reaching Rs 53,550. The soaring rate has sparked a flurry of speculation among both traders and investors, with many predicting that gold prices could potentially surpass the Rs 60,000 mark in the upcoming weeks.

City-based jewellers have indicated that the rise in gold prices can be attributed to a combination of factors, including global market fluctuations and the weakening of the US dollar.

As the wedding season draws near, many families are in a frenzy to secure their share of the precious metal before prices rise even further.

“The demand for gold has always been high during the wedding season. Customers are flocking in droves to purchase gold, out of fear that prices will continue to escalate in the coming days,” stated Neeraj, a local jeweller.

Gold has always played a significant role in weddings. The city’s jewellers are working round the clock to keep up with the demand, and it seems that there is no end in sight to the metal’s meteoric rise.