Hyderabad: Gold rates in Hyderabad and other cities in India dropped by Rs 11,190 to Rs 1,21,580 per 10 grams from the all-time high.
On Tuesday, the prices slipped below USD 4,000 an ounce in the global markets as easing US-China trade tensions dampened the safe-haven appeal.
Reasons for dip
As per experts, gold continues to trade under pressure on reduced safe-haven demand due to US-China trade deal optimism.
Due to the optimism, the gold rates are declining not only in Hyderabad but in all other cities.
Meanwhile, US President Donald Trump and his Chinese counterpart Xi Jinping are set to finalize the trade deal framework, with likely follow-up meetings. Trump also expressed confidence in a trade agreement with Japan, which also weighed on bullion prices.
The impact is also seen in silver prices as it registered a steep fall of Rs 41,000 to Rs 1,66,000 per kilogram from the all-time high.
Gold rates in Hyderabad
As of October 29, the rates of the yellow metal are Rs 1,21,580 and Rs 1,11,450 per 10 grams of 24-carat and 22-carat gold, respectively.
Although it has declined to a one-month low, as per a report from Ventura Securities, dovish signals from the U.S. Federal Reserve, ETF inflows, and central bank purchases are driving the surge in gold rates.
“Starting the next rally from Dhanteras 2025, the uncharted territory of $5,000 per ounce or Rs 1,50,000 per ten grams could be in 2026,” the report noted.
Hyderabad’s spike in gold rates is part of a nationwide trend, with other major cities like Mumbai, Delhi, and Bengaluru also witnessing substantial increases.
| Cities | 10 grams of 24-carat (in Rs) | 10 grams of 22-carat (in Rs) |
| Hyderabad | 121580 | 111450 |
| Mumbai | 121580 | 111450 |
| Delhi | 121730 | 120970 |
| Bengaluru | 121580 | 111450 |
It may be noted that at the beginning of the year, 22-carat gold was priced at Rs 71,500 and 24-carat gold at Rs 78,000.
