Gold rates in Hyderabad plunges by 1.5 pc in 15 days

Hyderabad: The gold rates in Hyderabad, which surged by over 6 percent in October, is currently experiencing a drop. In November so far, the rates of the yellow metal have declined by nearly 1.5 percent.

From October 31 to November 16, gold rates decreased by almost 1.5 percent, falling from Rs 61,850 per 10 grams of 24-carat gold on the last day of the previous month to Rs 61,040 today.

Trend of gold rates in Hyderabad

Over the past 15 days, there has been a mostly declining trend in gold rates in Hyderabad. A significant dip was observed on November 11, with rates decreasing by Rs 460 for 10 grams of 24-carat gold and Rs 450 for 22-carat gold.

Date 10 grams of 22-carat (in Rs) 10 grams of 24-carat (in Rs)
October 1 53350 58200
October 31 56700 61850
November 16 55950 61040
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Why did rates decline?

The decline in gold rates in Hyderabad can be attributed to several factors, primarily global ones. One reason is investors’ decisions to turn back to riskier assets, considering the absence of major surprise developments in the Israel-Hamas conflict.

Additionally, there is an expectation that the US Federal Reserve will not hike interest rates further.

The future trends in yellow metal rates are still largely dependent on efforts to de-escalate the Israel-Hamas conflict.