Hyderabad Gold Prices Soar to Three-Month High Amid Economic Uncertainty

Gold prices in Hyderabad have reached a three-month high, hitting Rs 1,60,480 for 10 grams of 24-carat gold and Rs 1,47,100 for 22-carat yellow metal on August 21.

The surge is attributed to global factors, as investors flock to the safe-haven asset amidst economic uncertainty. Additionally, changes in US interest rates, bond yields, and the dollar have contributed to the increase in gold prices worldwide.

On the Multi Commodity Exchange, gold futures traded higher by Rs 1,432, or 0.9 per cent, at Rs 1,60,857 per 10 grams for October delivery. Analysts attribute this rise to fresh positions created by market participants due to firm spot demand.