Hyderabad: Gold rates in Hyderabad continue to decline this month.
So far in September, the prices of the yellow metal have decreased by 0.25 percent.
Gold rates in Hyderabad fall below Rs 73K
The prices of gold in various Indian cities, including Hyderabad, have fallen below the Rs 73K mark.
Currently, the rates in Hyderabad are Rs 66,790 and Rs 72,860 for 10 grams of 22-carat and 24-carat gold, respectively.
Below are the current gold rates in metro cities.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 66920 | 72990 |
| Kolkata | 66770 | 72840 |
| Mumbai | 66770 | 72840 |
| Hyderabad | 66770 | 72840 |
| Chennai | 66770 | 72840 |
Why is the yellow metal under pressure?
Last month, gold rates dropped significantly following the announcement of a reduction in customs duty on the yellow metal.
Will gold rates in Hyderabad cross Rs 80 thousand mark?
However, after the decline, prices rebounded due to increased demand in the domestic market and favorable international conditions, particularly the expectation of a Federal Reserve rate cut.
As the anticipated 0.25 basis point rate cut by the Federal Reserve this month has already been factored into gold prices, further increases are possible if the rate cut exceeds expectations or if a dovish stance is signaled.
Additionally, the earlier price rise was driven by strong central bank purchases, which have now slowed down.
The future direction of gold rates in Hyderabad and other cities in India will largely depend on international factors, particularly Federal Reserve policies and geopolitical stability in Middle Eastern countries.
