Hyderabad witnesses a surge due to various factors
Published Date – 07:00 AM, Sat – 28 October 23
Globally, gold prices have been on the rise while other local factors fuelled it further.
Hyderabad: After a significant dip in the price of gold, Hyderabad is now experiencing an uptick in the value of the precious metal. The price of gold in Hyderabad has surged to its highest in one month and is nearing a six-month high. As of Friday, the rate for 24-carat gold per 10 gm stood at a robust Rs 61,690, while its 22-carat counterpart settled at Rs 56,800.
This surge in prices marks a stark contrast to the rates observed just a few weeks ago. On October 2, the 24-carat gold price per 10 gm was Rs 58,040, with the 22-carat was even lower at Rs 53,200. Several factors have contributed to this turnaround in the gold market. Globally, gold prices have been on the rise, partly due to geopolitical tensions in the Middle East and concerns about higher inflation.
However, there are several local factors that have further fuelled the surge in gold prices. According to market experts, a significant driver behind this surge is robust consumer demand. Currency depreciation is another key factor. The weakening of the Indian rupee against the US dollar has made gold more expensive for domestic buyers, contributing to the overall increase in gold prices. Market experts anticipate that this trend may continue as long as the US dollar remains under pressure and inflation remains subdued.
