Gold prices soar to record high in Hyderabad
On March 31, the previous day, the price of 24 carat gold per 10 grams was Rs 68,450 in Hyderabad, indicating a significant increase within a day.
Hyderabad: Gold prices in Hyderabad soared to a record high on Monday, with the precious metal retailing at Rs 69,380 for 24 carat gold per 10 grams. This marks the highest price recorded in the city in the past year.
On March 31, the previous day, the price of 24 carat gold per 10 grams was Rs 68,450 in Hyderabad, indicating a significant increase within a day.
Industry experts attribute this surge in gold prices to escalating geopolitical tensions, particularly in Central Asia. The recent signal from the United States Federal Reserve indicating a potential rate cut has also contributed to the bullish trend in gold markets.
According to analysts, rising geopolitical risks globally, coupled with substantial buying by central banks, notably led by China, have further fueled the upward trajectory of gold prices.
The ongoing Russia-Ukraine conflict and the extension of the Israel-Hamas conflict to the Red Sea region have intensified geopolitical uncertainty. In such an environment, gold is increasingly perceived as a safe haven asset by investors, driving up demand and prices.
Experts anticipate continued volatility in gold markets as investors seek refuge amid geopolitical turmoil.
