Telangana - Gold Rates in Hyderabad Fall Down
Due to global causes, Hyderabad's gold prices saw a sharp decrease yesterday. The price per 10 grams of 22-carat and 24-carat gold dropped by Rs 1,900 and Rs 2,080, respectively, in a single day.
Current gold Rate in Hyderabad
22-carat and 24-carat gold are now selling for Rs 65,700 and Rs 71,670, respectively.
On May 20, the prices of 24-carat and 22-carat gold reached record highs of Rs 75,160 and Rs 68,900, respectively.
The price of gold in hyderabad has decreased by 1.21 percent so far this month.
The gold rates in different indian cities are as follows:
On May 20, the prices of 24-carat and 22-carat gold reached record highs of Rs 75,160 and Rs 68,900, respectively.
The price of gold in hyderabad has decreased by 1.21 percent so far this month.
The gold rates in different indian cities are as follows:
Reasons for the decline in prices
The US nonfarm payroll statistics and China's reduction in gold purchases are to blame for the drop in gold prices. More than predicted, the labour market created 272,000 nonfarm payroll jobs in May, according to figures issued by the Bureau of Labour Statistics on Friday.
The Fed's projected rate decrease has been moved from July to september in response to a strong nonfarm payroll data, which has caused a drop in gold prices.
Furthermore, a decrease in China's gold purchases is the reason behind the drop in gold prices both internationally and in Hyderabad. The nation did not purchase any gold in the past month.
Future gold rate trends will be influenced by a number of variables, such as the Fed's decision to lower interest rates, the conflict between russia and Ukraine, and Middle east stability.
The Fed's projected rate decrease has been moved from July to september in response to a strong nonfarm payroll data, which has caused a drop in gold prices.
Furthermore, a decrease in China's gold purchases is the reason behind the drop in gold prices both internationally and in Hyderabad. The nation did not purchase any gold in the past month.
Future gold rate trends will be influenced by a number of variables, such as the Fed's decision to lower interest rates, the conflict between russia and Ukraine, and Middle east stability.