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On Thursday, the price of 24-carat gold soared to a record-breaking Rs 70,470 per 10 grams, marking a substantial increase of Rs 600 within a single day. This milestone represents the first time in a year that gold has breached the Rs 70,000-mark in the Hyderabad market.
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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.
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According to market reports, the price of 24 carat gold per 10 grams reached Rs 67,310, marking a significant increase.
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The price of the precious metal increased by Rs 1,028 over the previous day's close, marking a nearly 1.5% rise.
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In the international markets, spot gold at Comex was trading at USD 2,169 per ounce, up by USD 9 from the previous close
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On the Multi Commodity Exchange, gold contracts for April delivery traded higher Rs 184, or 0.28 per cent, at Rs 65,590 per 10 grams in a business turnover of 17,430 lots.
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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.
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In the previous trade, the precious metal had ended at Rs 63,500 per 10 grams
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However, silver climbed Rs 450 to Rs 76,750 per kilogram. It settled at Rs 76,300 per kg in the previous trade.
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In the previous trade, the precious metal had settled at Rs 63,970 per 10 g
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Gold prices are likely to rise further on the back of weak dollar and decline in US treasury yields.
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The rise in US rates was the factor that prevented any upside for gold or rather limited it for almost one year now despite high global inflation, the report said
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Gold prices have been rising in the international market on the back of depreciating US dollar and falling bond yields
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In the international markets, both gold and silver were trading lower at USD 1,950 per ounce and USD 22.45 per ounce, respectively
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Over the past three days, gold prices have seen a gradual decrease in Hyderabad, providing a favorable scenario for those looking to invest in the precious metal
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Hyderabad witnesses a surge due to various factors
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The previous highest gold rates in Hyderabad were Rs. 62,400 for 10 grams of 24 carat gold and Rs. 57,200 for 10 grams of 22-carat gold.
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Fresh positions built up by participants led to the rise in gold prices, analysts said.
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The yellow metal had closed at Rs 58,950 per 10 grams in the previous trade.
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In the global markets, gold and silver were quoting lower at USD 1,897 per ounce and USD 22.80 per ounce, respectively.
