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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.
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Gold price on Tuesday increased Rs 131 to Rs 58,621 per 10 grams in futures trade as speculators created fresh positions on firm spot demand.
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In Thursday's futures trade, gold prices rose by Rs 184, reaching Rs 59,645 per 10 grams. The surge was driven by speculators establishing new positions due to strong spot demand.
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On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 115 or 0.19 per cent at Rs 59,905 per 10 grams in a business turnover of 8,029 lots.
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Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.48 per cent higher at USD 1,965.70 per ounce in New York.
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Gold prices on Monday fell by Rs 191 to Rs 59,125 per 10 grams in futures trade as speculators reduced their positions.
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Demand for gold is currently experiencing a slight dip due to the ongoing Ashada masam, a time when no auspicious wedding dates are scheduled.
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The price of gold has been on a steady rise following the US Federal Reserve's announcement of a 25 basis point rate hike on Wednesday.
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On Tuesday, gold enthusiasts were taken aback when the price of 24 karat gold hit the staggering mark of Rs 60,000, while its 22 karat counterpart was being sold at Rs 55,000
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On Thursday, the price of 24 karat gold per 10 grams surpassed the Rs 58,000 mark for the second time within the past year, ultimately settling at an impressive Rs 58,420.
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On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 199 or 0.38 per cent at Rs 52,650 per 10 gram in a business turnover of 4,012 lots.
