Hyderabad: Providing a much-needed relief to gold buyers, the rates of gold dipped in Hyderabad after rising continuously for three days due to the upcoming US Federal Reserve policy meeting.
The 24-carat gold rate dropped by Rs 430 per 10 grams whereas, 22-carat gold saw a dip of Rs 400. However, the rates are still more than what it was on December 31, 2022.
Currently, the gold rates of 24-carat and 22-carat per 10 grams are Rs 55530 and Rs 50900 respectively.
Gold rates in Hyderabad near all-time high
Though the gold rates in Hyderabad dipped today, it is near an all-time which was in August 2020.
In December, the 24-carat surged by 3.8 percent whereas, the 22-carat witnessed a 3.79 percent hike.
In September, October and November too, the rates of yellow metal increased by 0.34, 0.22, and 4.31 percent respectively.
The trends are not different when it comes to silver rates in Hyderabad. Currently, the price of the metal is Rs. 73500 per kilogram.
In December, the rates of silver in Hyderabad saw a massive hike of 6.45 percent. In November too, the metal saw a jump of 4.62 percent.
Factors that impact gold, silver prices
Like any other product in the market, gold and silver rates are also dependent on demand and supply.
As the supply of gold in Hyderabad and other districts in the country is limited, any rise in demand impacts the rates.
Apart from demand and supply, other factors also contribute to the rise or fall in the gold rates. They include the global market, taxes, and dollar rate.
Among other factors, the dollar rate has a huge impact on the gold rates everywhere including Hyderabad.
As India is a net importer of gold, any rise in the dollar rate will make the yellow metal expensive to import thereby resulting in rise in the rate in the local market.