Gold rates in Hyderabad climb significantly over the weekend

Last month, gold rates dropped significantly following the announcement of a reduction in customs duty on the yellow metal

Hyderabad: Hyderabad witnessed a surge in gold prices over the weekend, with the rates for 10 grams of 24-carat gold reaching Rs 72,770 on Sunday.

This marks an increase of Rs 1,150 from Friday’s price of Rs 71,620. Similarly, the price of 10 grams of 22-carat gold rose to Rs 66,700, reflecting an increase of Rs 1,050 from the previous rate of Rs 65,650.

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Last month, gold rates dropped significantly following the announcement of a reduction in customs duty on the yellow metal.

While presenting the budget, Finance Minister Nirmala Sitharaman announced a reduction in the rate from 15 to 6 per cent. This led to a sharp decline in gold prices across the country, including in Hyderabad. Following this dip, demand for the yellow metal surged, driving prices back up.

In late July, the prices for 10 grams of 24-carat and 22-carat gold stood at Rs 68,730 and Rs 63,000, respectively. The gold rates in the city hit their lowest point on August 7, when the prices for 10 grams of 24-carat gold were recorded at Rs 63,500, and for 22-carat gold at Rs 62,700. However, by August 13, prices had rebounded, surpassing the Rs 71,000 mark for 24-carat gold.

While industry experts predict that the price of 24-carat gold could surge above Rs 75,000 by December, the increase in August has already caught the attention of both investors and consumers, as the market continues to experience fluctuations.