Gold prices soar to record high in Hyderabad

In Hyderabad soared to a record high on Monday, with the precious metal retailing at Rs 69,380 for 24 carat gold per 10 grams. This marks the highest price recorded in the city in the past year.

On March 31, the previous day, the price of 24 carat gold per 10 grams was Rs 68,450 in Hyderabad, indicating a significant increase within a day.

Industry experts attribute this surge in gold prices to escalating geopolitical tensions, particularly in Central Asia. The recent signal from the United States Federal Reserve indicating a potential rate cut has also contributed to the bullish trend in gold markets.

According to analysts, rising geopolitical risks globally, coupled with substantial buying by central banks, notably led by China, have further fueled the upward trajectory of gold prices.

Gold hits new lifetime high amid geopolitical tensions

MCX gold prices in India surged to a record high of Rs 69,487 per 10 grams in opening trade, following the uptrend in the international market. As of 11:26 am, it was trading around Rs 68,828.

Rising geopolitical risks and buying by central banks, led by China have also fuelled gold prices. With no end in sight to the Russia-Ukraine war and the Israel-Hamas conflict spreading to the Red Sea region, gold is seen as an attractive safe haven asset by investors amid geopolitical uncertainty.

The demand for gold in the domestic market is fuelled by the need for precious metal in marriages as it is gifted to brides and grooms in large quantities as jewellery. However, jewellers are of the view that the soaring gold prices may dampen this demand. This is also reflected in the declining imports of the precious metal, according to them.

“Gold prices have moved steadily higher over the last six months as expectations of a dovish Fed policy have been gaining ground. The fall in interest rates is positive for gold prices. The gold prices breaking key long-term resistance levels indicate there may be strong momentum which may continue over the near to medium term, some profit may not be ruled out though,” said Dr Joseph Thomas, Head of Research at Emkay Wealth Management.

In the international market, gold prices soared past $2,200 an ounce for the first time in opening trade. Spot gold rose 0.7 per cent to $2,201.94 an ounce at 9:40 a.m. in Singapore.

Expectations of low 1165117 interest rates makes financial instruments less attractive for investors compared to gold leading to increased purchases of the yellow metal and the rise in prices.

Rising geopolitical risks and buying by central banks, led by China have also fuelled gold prices.

With no end to sight in the Russia-Ukraine war and the Israel-Hamas conflict spreading to the Red Sea region, gold is seen as an attractive safe haven asset by investors.

The demand for gold in the domestic market remains firm amid the marriage season as the precious metal is gifted to brides and grooms in large quantities.

Why gold rate is increasing in Hyderabad?
Factors That Influence Gold Prices in Hyderabad

Moreover, gold prices in Hyderabad are also affected by global demand. If the demand for gold is high in other countries, it can cause a surge in gold prices here too. At the time of writing, the 916 gold rate today in Hyderabad is ₹ 43,992 per 8 grams.
Is the price of gold going to increase?
Gold prices are on the rise across the globe, with the yellow metal recently hitting its peak in India at ₹65,298 per 10 grams on the MCX. This indicated a significant spike of over ₹2,700 in just the first week of March 2024
Where will gold be in 2025?
Gold prices will peak at $2,300/oz in 2025, according to J.P. Morgan Research estimates. This prediction assumes a Fed cutting cycle initially delivering 125 basis points (bp) of cuts over the second half of 2024, pushing gold prices to new nominal highs
What will be gold rate in 2030 in rupees?
Gold Prices in Next 10 years – Predictions and Forecast
YearPrice (24 carats per 10 grams)
2028INR 92,739
2029INR 1,01,786
2030INR 1,11,679
2031INR 1,21,704
What is the gold rate in Hyderabad today?
Find here the latest prices for 24 carat gold and 22 carat gold in Hyderabad and also compare them to make an informed decision. Gold rate in Hyderabad today is ₹70,274 per 10 grams for 24 Carat and ₹64,371 per 10 grams for 22 Carat. All prices have been updated today and are on a par with industry standards.

Will gold rate reduce in 2024?

BMI said inflation will continue to ease in 2024, indicating that gold demand as a hedge against inflation will slow as well. While JP Morgan expects gold to rise further in 2025, BMI said in the longer term, gold prices will remain elevated compared to pre-Covid levels.

Will gold rate decrease in coming days 2024?

The price of gold is likely to touch ₹70,000 per 10 grammes in 2024, say experts. On Sunday, the price of 10 gms of 22 carat and 24 carat gold stood at ₹ ₹58,550 and ₹63,870 respectively. Earlier this month, the gold prices had skyrocketed again due to tensions in the Middle East
In which country gold is cheapest?
Hong Kong is the country with the cheapest gold in the world. Banks are plentiful here with competitive premiums on gold coins.

How much is GST on gold?

3% GST

GST Rate on Purchase of Physical Gold

GST on gold purchase in India attracts 3% GST (1.5% CGST + 1.5% SGST) rate on the value of gold. So, if the value of gold being purchased is Rs. 10,000 the total GST payable on the transaction will be Rs. 300.

Will gold price decrease in 2025?

What Gold price will be in 5 years and 12 years – prediction by years
YearPrice in the middle of the yearPrice at the end of the year


Leave a Reply

Your email address will not be published. Required fields are marked *