Hyd gold rates hit record high, exceed Rs 75k for 10g

Hyderabad: Gold rates in Hyderabad on Monday soared to an all-time high, surpassing the Rs 75,000 mark. The prices for 10 grams of 22-carat and 24-carat gold now stand at Rs 68,900 and Rs 75,160, respectively.

So far this month, the prices of gold have surged by 5.1 per cent. On May 1, the rates for 10 grams of 22-carat and 24-carat gold were Rs 65,550 and Rs 71,510, respectively.

The rise in gold rates in Hyderabad and globally can be attributed to a buzz around the US Federal rate cut. The possibility of low interest rates makes financial instruments less attractive for investors compared to gold, which is considered a safe investment.

Furthermore, geopolitical tensions, particularly in the Middle East over the Israel-Hamas conflict and the Russia-Ukraine war, are contributing to the increase in gold prices.

Marriage season is one of the most important domestic factors in India. In the midst of India's wedding season, demand for gold in Hyderabad and other domestic markets remains strong, resulting in a rise in rates.