Telangana Hyderabad - Gold Rates Dip after Huge Rally - Right time to Buy?
The rates have decreased by almost 3 percent in only five days.
One explanation for the abrupt decline is that hostilities between iran and israel have not escalated recently. The Federal Reserve (Fed) is expected to cut interest rates during its sessions in june and July.
Jewelers in hyderabad and other places have recently stated that they believe the rising price of gold is reducing demand since consumers are hesitant to purchase the metal at this time. They claim that the falling imports of precious metals also reflect this.
Following are the prices of gold rates in various cities.
Given the current conflict in russia and ukraine and the continued tensions in the Middle East, it is anticipated that rates would rise even if they are unlikely to drop below the Rs 70 thousand barrier in the near future. The American multinational financial services and investment bank Goldman Sachs has increased its prediction for the price of the yellow metal to USD 2700 per ounce by year's end. At around USD 2389 in price, it was predicted.
The prices of 10 grammes of 22-carat and 24-carat gold in hyderabad might surpass Rs 75 thousand and Rs 82 thousand this year, respectively, if Goldman Sachs' prediction comes to pass.