Telangana - Will gold rates in Hyderabad cross Rs 80 thousand?
The escalating geopolitical tensions in the Middle East, among other causes, have led to a jump in gold prices in hyderabad and other regions of the nation in recent weeks. Ten grams of 22-carat and 24-carat yellow gold currently get the following prices in the city: Rs 73150 and Rs 67050, respectively.
Gold rates in hyderabad may jump by over 12 percent
The American multinational financial services and investment bank Goldman Sachs has increased its prediction for the price of yellow metal to USD 2700 per ounce by year's end. With today's high of USD 2389.6, the price of yellow metal has to increase by more than 12.9 percent to reach USD 2700 per ounce. The prices of 10 grams of 22-carat and 24-carat gold in hyderabad might surpass Rs 75 thousand and Rs 82 thousand, respectively, if Goldman Sachs' prediction comes to pass.
Why do yellow metal prices soar?
Growing geopolitical tensions in Central Asia are the reason behind the increase in gold prices in hyderabad and other indian cities. israel was attacked by Iran, escalating the already high geopolitical tensions.
With the war between russia and ukraine seemingly out of control and tensions rising owing to crises in Central Asia, demand for gold—which is seen as a haven—rose.
Large-scale purchases of the yellow metal by central banks are another factor.
As investors perceive lesser returns on financial assets, the US Federal Reserve's announcement of a cut in interest rates also causes a rise in the purchase of gold.
Whether gold prices in hyderabad and other indian cities will indeed surpass Rs 80,000 by year's end is still up in the air.
With the war between russia and ukraine seemingly out of control and tensions rising owing to crises in Central Asia, demand for gold—which is seen as a haven—rose.
Large-scale purchases of the yellow metal by central banks are another factor.
As investors perceive lesser returns on financial assets, the US Federal Reserve's announcement of a cut in interest rates also causes a rise in the purchase of gold.
Whether gold prices in hyderabad and other indian cities will indeed surpass Rs 80,000 by year's end is still up in the air.