• The city of Hyderabad has witnessed a significant increase in gold prices, with 22-carat gold crossing Rs 1 lakh for the first time, and 24-carat gold reaching a record high of Rs 101,350. (Source: Siasat.com)
• The surge in gold prices is attributed to rising fears of a global trade war and the weakening of the US dollar, which has made gold more attractive as a safe-haven investment. (Source: Siasat.com)
The prices of gold in Hyderabad have surged to unprecedented levels, with the 22-carat gold rate now standing at Rs 92,900 and 24-carat gold reaching Rs 101,350, marking a jump of 12.9 percent in just ten days. This is the first time in history that the 22-carat gold price has crossed the Rs 1 lakh mark. At the beginning of the year, 22-carat gold was priced at Rs 71,500 and 24-carat gold at Rs 78,000. The price of 10 grams of 22-carat gold has surged by Rs 23,350 in just four months, while the price of 10 grams of 24-carat gold has increased by Rs 24,620.
| Gold Rate (22-carat) (Rs) | Gold Rate (24-carat) (Rs) | Change (10 days) |
|---|---|---|
| Rs 82,250 | Rs 89,730 | 12.9% |
| Rs 92,900 | Rs 101,350 | 12.9% |
The price surge in Hyderabad is part of a nationwide trend, with other major cities like Mumbai, Delhi, and Bengaluru also witnessing substantial increases. The rise in gold prices is attributed to rising fears of a global trade war and the weakening of the US dollar.
“Despite the wedding season, the price of gold is too high for people to buy. We are expecting the rates to decline in a few months and are waiting for that opportunity to purchase gold.” – Hussain, resident of Bahadurpura
Jameel Khan, another resident of Attapur, also expressed his intention to wait for a few more months to purchase gold, expecting the rates to decline. Key Highlights:
• The price of 22-carat gold in Hyderabad has crossed Rs 1 lakh for the first time. • The price of 24-carat gold in Hyderabad has reached a record high of Rs 101,350. • The price surge is attributed to rising fears of a global trade war and the weakening of the US dollar. • The price of 22-carat gold has surged by Rs 23,350 in just four months. • The price of 24-carat gold has increased by Rs 24,620 in just four months. The surge in gold prices in Hyderabad is a result of the rising demand for gold as a safe-haven investment, fueled by the escalating trade war. Investors are seeking safe-haven assets due to the growing tensions between the United States and China. The weakening of the US dollar has also made gold more attractive for investors holding other currencies, as gold is priced in dollars.
The surge in gold prices in Hyderabad is part of a nationwide trend, with other major cities like Mumbai, Delhi, and Bengaluru also witnessing substantial increases.
- The price of 22-carat gold has surged by Rs 23,350 in just four months, making it the fastest-growing metal in the country.
- The price of 24-carat gold has increased by Rs 24,620 in just four months, making it the second-fastest-growing metal in the country.
- The rise in gold prices is attributed to the weakening of the US dollar, which has made gold more attractive as a safe-haven investment.
The surge in gold prices in Hyderabad is forcing consumers to delay their plans to buy the yellow metal despite the wedding season in the city. Residents like Hussain and Jameel Khan are waiting for the gold rates to decline before making a purchase. The city’s spike in gold prices is part of a nationwide trend, with other major cities like Mumbai, Delhi, and Bengaluru also witnessing substantial increases. The weakening of the US dollar has also made gold more attractive for investors holding other currencies, as gold is priced in dollars.
Gold is a valuable precious metal that has been used for various purposes, including jewelry, coins, and investment. The surge in gold prices in Hyderabad is part of a nationwide trend, with other major cities like Mumbai, Delhi, and Bengaluru also witnessing substantial increases. Key Takeaway:
The price of 22-carat gold in Hyderabad has crossed Rs 1 lakh for the first time, and the price of 24-carat gold has reached a record high of Rs 101,350. The surge in gold prices is attributed to rising fears of a global trade war and the weakening of the US dollar.
