Hyderabad's jewelry stores are seeing a rush as a result of the recent sharp decline in gold prices in the city. The price of yellow metal just fell to its lowest level in six months. Prices have decreased to Rs 52,600 and Rs 57,380 for 10 grams of 22- and 24-carat gold, respectively.

10 grams of 22- and 24-carat gold are now selling for Rs 53,150 and Rs 57,980, respectively, in Hyderabad. The yellow metal's prices rose by 1.04 percent from their six-month low, but Hyderabad's jewelry stores could still be busy. Given that india imports the yellow metal, there are international reasons to blame for the drop in gold prices in Hyderabad. Since interest rates are anticipated to stay high for a considerable amount of time, the increase in the US currency and Treasury yields can be linked to this fall.

Gold prices have fallen significantly as a result of investors' continued preference for the US dollar as an asset. In spite of the rates' dramatic decline, they are still positive when looking at the year-to-date (YTD) graph. The future direction of gold prices in hyderabad and other indian cities is still unknown due to a number of reasons, including the persistently high-interest rates brought on by increased global inflation. It is unclear if gold prices will continue to fall or if they will begin to rise once more in reaction to shifting market circumstances.
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Telangana Hyderabad

SIBY JEYYA

09/10/2023 10:30 AM