Record-breaking gold prices hit Hyderabad markets, calls for patience from experts

The price of 24 carat gold per 10 grams soared to an unprecedented Rs 73,310 in retail markets across the city.

Hyderabad: Amidst the glittering surge in gold prices, experts in the city stress calm amidst highs. With the surge being too fast, exercising patience before making substantial purchases is what is being advised.

“The surge is happening too rapidly. It’s advisable to exercise patience before making substantial purchases,” stated Praveen Kumar, the secretary of the Twin Cities Jewellers Association.

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The rise in gold prices continued its upward trajectory, reaching a historic peak on Friday.

The price of 24 carat gold per 10 grams soared to an unprecedented Rs 73,310 in retail markets across the city, marking a significant milestone in the precious metal’s price history in the region.

This surge reflects a global trend, with gold prices witnessing a steady rise across international markets.

In just a span of a month in Hyderabad, the price of 24-carat gold per 10 grams escalated from Rs 66,260 on March 12 to the current record high of Rs 73,310 on April 12, according to industry reports.

Kumar commented on the unprecedented rise, saying, “There should be a correction for sure, but the extent of the correction remains uncertain. If the price were to dip from Rs 75,000 to Rs 70,000, it would not be considered a significant correction. However, this surge has made gold a more expensive investment for the future, with Rs 68,000 now becoming a benchmark for hesitant buyers.”

Kumar highlighted key factors driving this surge, including statements from the US Federal Reserve signaling a potential reduction in interest rates. “Whenever the US Fed hints at rate reductions, investors anticipate a rise in gold prices. While no such rate cuts have materialized yet, mere announcements have propelled gold prices to this unprecedented level,” he explained.

Moreover, the ongoing trend of central banks globally acquiring gold has also contributed to market apprehensions.

This sharp increase in gold prices has implications for consumers, making gold more expensive for future purchases. Kumar noted that a price correction may be imminent but urged caution regarding the magnitude of this correction.

Gold rate in Hyderabad for last 10 days (10 grams)

– Apr 12, 2024: ₹73,310

– Apr 11, 2024: ₹72,220

– Apr 10, 2024: ₹72,110

– Apr 9, 2024: ₹71,730

– Apr 8, 2024: ₹71,620

– Apr 7, 2024: ₹71,290

– Apr 6, 2024: ₹71,290

– Apr 5, 2024: ₹69,980

– Apr 4, 2024: ₹70,470

– Apr 3, 2024: ₹69,870