Gold shines brighter in buoyant start to 2023 in Hyderabad

The 24-carat gold was retailing at Rs 55,580 per 10 grams on Tuesday while 22-carat (10 grams) was Rs 50,950, a sharp increase of Rs 540 and Rs 500, respectively, from the previous day.

Hyderabad: Gold started the New Year on a solid note in Hyderabad with prices rallying to a one-year peak on Tuesday. The industry is expecting gold prices to remain high in the coming days, probably slowing down wedding season gold demand.

The 24-carat gold was retailing at Rs 55,580 per 10 grams on Tuesday while 22-carat (10 grams) was Rs 50,950, a sharp increase of Rs 540 and Rs 500, respectively, from the previous day. During the same period last year, the yellow metal was priced at Rs 48,990 (24 carat/10g) while 22-carat was Rs 44,900.

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Gold and silver prices in India depend on several factors, including the value of the rupee against the dollar. Global demand also plays a key role in determining the trends observed in the rate of precious metals.

While a further increase in prices is foreseen, a city-based jeweler Deepak Aggarwal says there won’t be a harsher rise in Hyderabad gold rates in the coming days. “In the past one year, this is the first time the 24-carat gold price touched Rs 55,580. The same goes with 22-carat. Russo-Ukrainian War is one of the major factors of a sharp hike in rates,” he adds.

Meanwhile, with the wedding season about to begin next month, the booking of gold jewellery has increased. Another city-based jeweller says that the exchange of old ornaments for buying new ones has also grown.

The gold prices in the State capital have been witnessing an upward trend for the past one month. In December, the 24-carat surged to Rs 55,200 whereas 22-carat reached Rs 50,600. In September, October, and November too, the prices of yellow metal increased by 0.34, 0.22, and 4.31 per cent respectively.

Besides, the silver prices witnessed a jump too and was retailing at Rs 75,500 in the city on Tuesday. It recorded a hike of Rs 1,000. In the past one year, it was the first time the silver price peaked to this level.

Gold rate in Hyderabad for the last 10 Days (10g):

    Date                      22K                   24K

Jan 3, 2023         Rs 50,950        Rs 55,580

Jan 2, 2023         Rs 50,450        Rs 55,040

Jan 1, 2023         Rs 50,600        Rs 55,200

Dec 31, 2022       Rs 50,600       Rs 55,200

Dec 30, 2022      Rs 50,350        Rs 54,930

Dec 29, 2022     Rs 50,080         Rs 54,630

Dec 28, 2022     Rs 50,150          Rs 54,710

Dec 27, 2022     Rs 49,950          Rs 54,480

Dec 26, 2022    Rs 49,950          Rs 54,480

Dec 25, 2022    Rs 49,850          Rs 54,380