Gold rates in Hyderabad see massive dip

Hyderabad Desk

Hyderabad: The gold rates in Hyderabad witnessed a massive decline yesterday due to international factors.

In just one day, the prices of 22-carat and 24-carat gold per 10 grams dipped by Rs 1,900 and Rs 2,080 respectively.

Current gold rates in Hyderabad

Currently, the prices of 22-carat and 24-carat gold are Rs 65,700 and Rs 71,670 respectively.

Recently, the rates of 22-carat and 24-carat gold touched all-time highs of Rs 68,900 and Rs 75,160 respectively on May 20.

So far this month, the gold rates in Hyderabad have declined by 1.21 percent.

Following are the gold 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 65850 71820
Kolkata 65700 71670
Mumbai 65700 71670
Hyderabad 65700 71670
Chennai 66500 72550

Reasons for the decline in prices

The decline in the prices of gold can be attributed to the US nonfarm payroll report and China slowing down gold buying.

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Will gold rates in Hyderabad cross Rs 80 thousand mark?

According to data released by the Bureau of Labor Statistics on Friday, the labor market added 272,000 nonfarm payroll jobs in May, higher than the expected 180,000.

Following a robust nonfarm payroll report, the Fed rate cut expectations have been shifted from July to September, triggering a decline in gold prices.

Moreover, the dip in gold rates in Hyderabad and globally can be attributed to a decline in China’s gold buying. Last month, the country did not buy any gold.

The future trend of gold rates will depend on various factors, including the decision on the Fed rate cut, the Russia-Ukraine war, and stability in the Middle East.

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