Hyderabad: Gold rates in Hyderabad have been slowly climbing for the past three days. The rates in the city and around the world are not experiencing significant volatility, as investors await the US Federal Reserve’s decision on the next interest rates.
Currently, the rates for 10 grams of 22-carat and 24-carat gold have reached Rs 54,300 and Rs 59,230, respectively.
Reasons for the rise
The current increase in gold rates can be attributed to the mild easing of the US dollar and a slight dip in treasury yields. As the US dollar becomes a less attractive asset for investors, gold rates have experienced a slight hike.
As a result of this hike, gold rates have reached near the Rs 60,000 mark. The movement of gold rates is also influenced by the upcoming decision of the US Federal Reserve regarding the direction of interest rates.
Gold rates in Hyderabad near one-month low
It’s worth noting that even though the gold rates in Hyderabad are gradually increasing for the past three days, the current prices of yellow gold metal are still near a one-month low.
The future direction of gold rates in Hyderabad and other Indian cities remains uncertain due to various factors, including the possibility of a recession in certain countries, US Fed rate hikes, and geopolitical instability caused by the Russia-Ukraine war.
It remains to be seen whether gold rates will continue to increase or if they will start declining in response to changing market conditions.