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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.
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New Delhi: Commodity experts say the sharp rise in crude prices, which rose about 12 per cent in the past week, is mainly responsible for the rally in gold rates. But there are other factors at play as well. Rising global inflation and the volatile stock market have made the yellow metal a “safe” investment […]
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New Delhi: Strong likelihood of a sharp rise in interest rates by the US Fed and other central banks to rein in the red-hot inflation has melted international gold prices to a nearly one-year low. In India too, the prices of the yellow metal in physical markets fell to a multi-month low and breached the […]
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New Delhi: Gold prices on Tuesday fell by Rs 56 to Rs 50,814 per 10 grams in futures trade as speculators reduced their positions amid low demand. On the Multi Commodity Exchange, gold contracts for August delivery traded lower by Rs 56 or 0.11 per cent at Rs 50,814 per 10 grams in a business […]
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In 2021, prices of the precious metal have been trading between Rs 47,000 and 49,000 mark per 10 grams.
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In the previous trade, the precious metal had closed at Rs 46,127 per 10 gram.
