Hyderabad: The gold rates in Hyderabad have reached near all-time highs due to escalating tensions in the Middle East amid the ongoing Israel-Hamas war. It is likely that the rates will rise further as the Israel Defense Forces are gearing up to enter the Gaza Strip.
The ongoing Middle East conflict has boosted investors’ preference for gold which is considered a safe-haven asset during uncertainties such as war, pandemics, and more.
Gold rates in Hyderabad cross 61K mark
Currently, the gold rates in Hyderabad are Rs 56, 550 for 10 grams of 22-carat gold and Rs 61,690 for 10 grams of 24-carat gold. The all-time high gold rates in Hyderabad are Rs 57, 200 and Rs 62, 400 for 10 grams of 22-carat and 24-carat respectively.
In the international market, gold rates have reached USD 1975 per ounce. There are speculations that it may breach the all-time highs.
Israel-Hamas war may strain household budgets in Hyderabad, other cities
Reasons for rise in rates
The recent rise in gold rates in Hyderabad and other parts of the world can be attributed to various factors. Some of them are the Israel-Hamas war, ongoing conflict in Ukraine, prevailing global economic conditions amid high inflation, and more.
The uncertainties are not only impacting the rates of the yellow metal but are also dragging down stock markets worldwide.
The future trends in gold rates are largely dependent on the efforts of de-escalation in the Israel-Hamas conflict.