Hyderabad witnesses third instance of gold prices crossing Rs 62,500 mark in one year

This surge marks only the third instance in the past year where the price of gold has surpassed Rs 62,500 per 10 grams in Hyderabad.

Hyderabad: The price of gold continues its upward trajectory in Hyderabad, reaching a one-month high on Monday, amid fluctuations in global economic indicators.

On Monday, the price of 24 carat gold per 10 grams stood at Rs 64,090, maintaining its elevated position for the past month. Similarly, the price of 22 carat gold per 10 grams remained at a one-month high at Rs 58,750. The city witnessed a consistent pricing for the past two days, with the gold rates witnessing a steady rise since February 29.

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This surge marks only the third instance in the past year where the price of gold has surpassed Rs 62,500 per 10 grams in Hyderabad. Previously, on December 4, 2023, the price stood at Rs 64,200, followed by Rs 64,250 on December 28, 2023.

In contrast, the trend for silver prices is witnessing a downward slope. On Monday, the price of silver per kilogram in the city was recorded at Rs 77,000, marking a decline in its pricing trend.

The surge in gold prices has been observed across various cities in the country. According to reports, this trend follows softer economic data from the United States last week, raising speculations for a potential interest rate cut by the Federal Reserve in June. Consequently, this has led to a depreciation of the US dollar and lower treasury yields, contributing to the rise in gold prices globally.