Gold rates in Hyderabad bounce back, cross 72 thousand mark

Hyderabad Desk

Hyderabad: The gold rates in Hyderabad, which recently witnessed a significant decline, bounced back today ahead of the US Fed rate announcement.

In two days, the prices surged by 0.68 percent as the rates of 22-carat and 24-carat gold per 10 grams increased by Rs 490 and Rs 450, respectively.

Current gold rates in Hyderabad

Currently, the prices of 22-carat and 24-carat gold are Rs 66,150 and Rs 72,160, respectively.

Recently, the rates of 22-carat and 24-carat gold had gone down to Rs 65,700 and Rs 71,670, respectively.

So far this month, the gold rates in Hyderabad have declined by 0.5 percent.

Following are the gold rates in various cities in India:

Indian cities 22-carat gold rates of 10 grams (in Rs) 24-carat gold rates of 10 grams (in Rs)
New Delhi 66300 72310
Kolkata 66150 72160
Mumbai 66150 72160
Hyderabad 66150 72160
Chennai 66800 72870

Reasons for recovery in prices

Earlier, the gold prices declined mainly due to the US nonfarm payroll report and China slowing down gold buying.

According to data released by the Bureau of Labor Statistics on Friday, the labor market added 272,000 nonfarm payroll jobs in May, higher than the expected 180,000.

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Moreover, the dip in gold rates in Hyderabad and globally was attributed to a decline in China’s gold buying.

However, now, as investors believe that a Fed rate hike, which was talked about a few weeks ago, has been ruled out, gold prices have started recovering.

Despite the ruling out of a Fed rate hike, the chances of a rate cut are also slim as inflation remains sticky.

The future trend of gold rates will depend on various factors, including the decision on the Fed rate cut, the Russia-Ukraine war, and stability in the Middle East.

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