Telangana Hyderabad - Record-breaking gold prices hit Markets
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 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.
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.
– 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