Gold Rates in Hyderabad Skyrocket, Cross Rs 80K Mark

Gold Rates in Hyderabad Skyrocket, Cross Rs 80K Mark

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Hyderabad — Gold rates in Hyderabad have reached new heights today, crossing the Rs 80,000 mark for 24-carat gold, raising concerns about potential drops in domestic demand. As of today, the price for 10 grams of 22-carat gold is set at Rs 73,400, while 24-carat gold has surged to a staggering Rs 80,070. These record-breaking prices reflect a notable 4.11 percent increase in gold rates compared to the beginning of the month. At the start of October, 22-carat gold was priced at Rs 70,500, and 24-carat gold at Rs 76,910. Today's rates mark a rise of Rs 400 for 22-carat gold and Rs 430 for 24-carat gold, contributing to an overall upward trend in prices that has been evident throughout the month.

Gold Rates in Hyderabad Skyrocket, Cross Rs 80K Mark
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The spike in gold prices in Hyderabad is not an isolated occurrence, as other major Indian cities, including Mumbai, c, and Bengaluru, have reported significant increases in gold rates as well. Traditionally viewed as a safe-haven investment, gold has seen a surge in consumer interest across the country. Several key factors are driving these rising gold rates. A recent 50-basis-point cut by the US Federal Reserve has sparked positive market sentiment, further elevating gold's allure as an investment option. The anticipation of additional rate cuts extending into 2026 adds to this sentiment.

Additionally, escalating geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict have prompted investors to seek gold as a stable asset amid uncertainty. The upcoming US elections and potential geopolitical ramifications, including Israel’s expected retaliation against Iran, are further fueling the demand for gold as a safe haven. An increased buying trend by central banks, particularly in emerging markets, has compounded the pressure on prices, showcasing strong consumer interest and investment in gold.

Gold Rates in Hyderabad Skyrocket, Cross Rs 80K Mark
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However, the sudden rise in gold prices raises concerns about domestic demand, especially with the festive and wedding season approaching. Gold has long been a cornerstone of Indian cultural and religious ceremonies, and soaring prices may deter potential buyers during this crucial period. The future of gold prices in Hyderabad will depend on various evolving factors, including the decisions made by the US Federal Reserve, ongoing geopolitical tensions, and overall global market trends. Any significant developments in these areas could lead to further fluctuations in the gold market, keeping both investors and consumers on high alert.

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