Telangana Hyderabad - GOLD Rates Bounce Back - Crosses 72K
Hyderabad's gold prices, which had lately seen a sharp decrease, increased today in anticipation of the US Federal Reserve's rate decision. The rates of 22-carat and 24-carat gold per 10 grams climbed by Rs 490 and Rs 450, respectively, causing a 0.68 percent increase in prices in just two days.
Current gold rates in Hyderabad
Currently, the prices of 22-carat and 24-carat gold are Rs 66,150 and Rs 72,160, respectively.
Recently, the rates of 22-carat and 24-carat gold had gone down to Rs 65,700 and Rs 71,670, respectively.
So far this month, the gold rates in hyderabad have declined by 0.5 percent.
Following are the gold rates in various cities in India:
Recently, the rates of 22-carat and 24-carat gold had gone down to Rs 65,700 and Rs 71,670, respectively.
So far this month, the gold rates in hyderabad have declined by 0.5 percent.
Following are the gold rates in various cities in India:
Reasons for recovery in prices
Before this, the US nonfarm payroll data and China's reduction in gold purchases were the key causes of the gold price decrease.
More than predicted, the labor market created 272,000 nonfarm payroll jobs in May, according to figures issued by the Bureau of Labour Statistics on Friday.
Furthermore, a decrease in China's gold purchases was blamed for the drop in gold prices in hyderabad and throughout the world.
Gold prices have begun to rise again, though, as investors now feel that the possibility of a Fed rate hike—which was discussed a few weeks ago—has been eliminated.
Although a rate rise by the Fed is ruled out, a rate decrease is also unlikely given the persistence of sticky inflation.
More than predicted, the labor market created 272,000 nonfarm payroll jobs in May, according to figures issued by the Bureau of Labour Statistics on Friday.
Furthermore, a decrease in China's gold purchases was blamed for the drop in gold prices in hyderabad and throughout the world.
Gold prices have begun to rise again, though, as investors now feel that the possibility of a Fed rate hike—which was discussed a few weeks ago—has been eliminated.
Although a rate rise by the Fed is ruled out, a rate decrease is also unlikely given the persistence of sticky inflation.
Future gold rate trends will be influenced by several variables, such as the Fed's decision to lower interest rates, the conflict between russia and Ukraine, and Middle east stability.