Hyderabad: Gold has started shining once more as rates in Hyderabad crossed the Rs 60,000-mark yesterday.
The rates for 24-carat and 22-carat yellow metal in the city reached Rs 60,060 and Rs 55,060, respectively.
Reasons for the hike
The hike in gold rates can be attributed to the expected pause in interest rate hikes by the US Federal Reserve as the policy meeting is scheduled for this week.
Additionally, the decline in Asian shares makes gold more attractive to investors in Hyderabad and elsewhere who consider it a safe haven.
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Gold rates in Hyderabad still lower than all-time high
It is worth noting that even with the recent hike, the current gold rates are still lower than the all-time high witnessed on May 5, 2023.
The current gold rates in Hyderabad are nearly four percent lower than the levels on May 5. On that day, the 24-carat and 22-carat gold rates were Rs 62,400 and Rs 57,200, respectively.
The future direction of gold rates in Hyderabad and other Indian cities remains uncertain due to various factors, including the decisions that will made by central banks, including the US Federal Reserve, to control inflation.
It remains to be seen whether gold rates will continue to rise or if they will start declining again in response to changing market conditions.