Experts in the city emphasize calm amid highs despite the dazzling spike in gold prices. It is recommended to wait to make large purchases since the rush is happening too quickly. "The increase is occurring too quickly. Before making significant purchases, it's best to be patient, according to Twin Cities Jewellers Association secretary praveen Kumar.
 
The price of gold continued to grow and peaked at a record high on Friday.
 
In retail marketplaces around the city, the price of 10 grammes of 24 carat gold skyrocketed to an unprecedented Rs 73,310, signifying a major turning point in the history of the precious metal's pricing in the area.
 
This increase is indicative of a worldwide trend since gold prices have been steadily rising in foreign markets.
 
Industry estimates state that the price of 10 grammes of 24-carat gold in hyderabad increased from Rs 66,260 on march 12 to a record high of Rs 73,310 on april 12 in less than a month.
 
Kumar stated, "There should be a correction for sure, but the extent of the correction remains uncertain," in response to the extraordinary spike. A price drop from Rs 75,000 to Rs 70,000 would not be regarded as a noteworthy adjustment. But because of this increase, gold is now a more costly investment going forward, with Rs. 68,000 serving as a benchmark for cautious purchasers.
 
Kumar outlined the main causes of this increase, including remarks made by the US Federal Reserve indicating a possible interest rate cut. Investors expect gold prices to climb if the US Federal Reserve makes a hint about lowering interest rates. Even if there haven't been any actual rate cuts as of yet, the announcements alone have sent gold prices to an all-time high, he said.
 
Additionally, the continuing worldwide trend of central banks purchasing gold has added to market concerns.
 
For customers, this steep rise in gold prices means that gold will now cost more when making future purchases. While acknowledging that a price correction may be on the horizon, Kumar advised caution about how big this correction would be.
 
Gold rate in hyderabad for last 10 days (10 grams)

– Apr 12, 2024: ₹73,310

– Apr 11, 2024: ₹72,220

– Apr 10, 2024: ₹72,110

– Apr 9, 2024: ₹71,730

– Apr 8, 2024: ₹71,620

– Apr 7, 2024: ₹71,290

– Apr 6, 2024: ₹71,290

– Apr 5, 2024: ₹69,980

– Apr 4, 2024: ₹70,470

– Apr 3, 2024: ₹69,870

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Telangana Hyderabad

SIBY JEYYA

13/04/2024 10:15 AM