Hyderabad Gold Prices Hit Three-Month High Amid Global Economic Uncertainty
Gold prices in Hyderabad have reached a three-month high, rising to Rs 1,60,480 per 10 grams of 24-carat gold and Rs 1,47,100 per 10 grams of 22-carat gold. The surge is attributed to global factors, as investors buy gold as a safe-haven asset during economic uncertainty.
The prices have increased due to changes in US interest rates, bond yields, and the dollar, making India's import of the yellow metal more expensive.
On May 25 this year, 10 grams of 24-carat gold cost Rs 1,59,380, while 10 grams of 22-carat yellow metal cost Rs 1,46,100. The rates had declined to as low as Rs 1,40,780 and Rs 1,29,050 per 10 grams of 24-carat and 22-carat yellow metal on July 1.
The gold prices on Friday rose by Rs 1,432 to Rs 1.60 lakh per 10 grams in futures trade as speculators created fresh positions on firm spot demand.