The stock market, which is commonly known as the riskiest investment with massive return possibilities, failed to beat the returns delivered by gold, as rates in Hyderabad and other Indian cities surged by over 21 percent in 2024.
In the current year so far, Nifty 50 and Sensex gave returns of 11.4 percent and 11.1 percent respectively.
Gold Rates in Hyderabad, other cities breach 80K mark
Although the current gold rates in Hyderabad are Rs 63,870 and Rs 77,840 per 10 grams of 22-carat and 24-carat yellow metal, on October 23, the rate of 24-carat gold breached the Rs 80,000 mark.
On that day, the rates of 22-carat and 24-carat yellow metal were Rs 73,400 and Rs 80,070.
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Following are the gold rates in Hyderabad and other cities on January 1 and today.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) on January 1 | 22-carat gold rates of 10 grams (in Rs) on December 18 | 24-carat gold rates of 10 grams (in Rs) on January 1 | 24-carat gold rates of 10 grams (in Rs) on December 18 |
| New Delhi | 58700 | 71500 | 63970 | 77990 |
| Kolkata | 58550 | 71350 | 63870 | 77840 |
| Mumbai | 58550 | 71350 | 63870 | 77840 |
| Hyderabad | 58550 | 71350 | 63870 | 77840 |
| Chennai | 58550 | 71350 | 63870 | 77840 |
Why did yellow metal surge more than Nifty 50 and Sensex?
Nifty 50 and Sensex gave impressive returns of over 11 percent as they were at levels of 21,741 and 72,271 on January 1 and reached 24,221 and 80,299 respectively.
Despite an impressive return, it failed to beat gold rates in Hyderabad and elsewhere in the world due to the uncertainty prevailing across the globe.
Central banks were seen buying in huge quantities this year in view of the geopolitical uncertainty, especially the Russia-Ukraine war and Israel-Iran tensions.
Apart from wars, Trump’s reelection as President of the US also contributed to the already rising gold rates in Hyderabad and other cities.
Due to the prevailing geopolitical situation and recession threat, gold is gaining more attention and experiencing huge demand, leading to a massive rise in rates.
