Hyderabad: After declining for the past two days, gold rates in Hyderabad today jumped and crossed the 73-thousand mark on Akshaya Tritiya.
Today, the rates for 10 grams of yellow metal for 22-carat and 24-carat gold reached Rs 67,000 and Rs 73,090, respectively.
Gold rates in Hyderabad jumped by over 2 pc in May so far
In the current month, the prices of the yellow metal have surged by 2.21 percent.
On May 1, the rates for 10 grams of 22-carat and 24-carat metal were Rs 65,550 and Rs 71,510, respectively.
On the occasion of Akshaya Tritiya, the gold rates in Hyderabad today jumped by Rs 850 and Rs 930 for 10 grams of 22-carat and 24-carat gold, respectively.
Gold trading volume spikes amid Middle East crisis
Akshaya Tritiya
It is considered auspicious by Hindus and Jains for new ventures, marriages, charity, and investments in gold or other property.
As buying gold on this day is considered very auspicious, the rates of the metal went up not only in Hyderabad but also in other cities in India.
Here are the prices of gold rates in various cities.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 67150 | 73240 |
| Kolkata | 67000 | 73090 |
| Mumbai | 67000 | 73090 |
| Hyderabad | 67000 | 73090 |
| Chennai | 67050 | 73150 |
Apart from Akshaya Tritiya, other factors also contribute to the rise in gold rates in Hyderabad and other Indian cities. They include instability in the Middle East, the Ukraine-Russia war, the US Fed rate, etc.
According to the forecast of Goldman Sachs, an American multinational investment bank and financial services company, the price of the yellow metal will reach USD 2700 per ounce by year-end.
