Hyderabad: The gold rates in Hyderabad that hit near all-time highs declined yesterday and today.
On July 17, the prices of the yellow metal hit the Rs 75,000 mark. From that point, it dropped by Rs 650.
Gold rates in Hyderabad
Currently, the prices for 10 grams of 22-carat and 24-carat yellow metal are Rs 68,150 and Rs 74,350 respectively.
The all-time highs of Rs 68,900 and Rs 75,160 for 10 grams of 22-carat and 24-carat gold were hit on May 20, 2024.
According to market experts, the gold rates in Hyderabad and other cities in India are likely to rise in the coming days.
Following are the 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 | 68300 | 74500 |
| Kolkata | 68150 | 74350 |
| Mumbai | 68150 | 74350 |
| Hyderabad | 68150 | 74350 |
| Chennai | 68750 | 75000 |
Yellow metal prices likely to rise
The rates of the yellow metal are likely to rise as the US interest rate cut is expected in September.
It is anticipated that the markets will see at least a 25 basis point cut in rates by the Fed.
Moreover, China, the top consumer of gold, which paused purchasing gold in May and June, is likely to restart as geopolitical tensions persist.
It remains to be seen whether the gold rates in Hyderabad and other cities in India will continue their upward movement or slip from the over Rs 74,000 mark.
