Hyderabad witnesses third instance of gold prices crossing Rs 62,500 mark in one year
In hyderabad, the price of gold is still rising and on monday it hit a one-month high despite changes in other global economic indices. The price of 24 carat gold per 10 grammes was Rs 64,090 on monday, continuing to rise from the previous month's high. In a similar vein, the cost of 10 grammes of 22 carat gold stayed at Rs 58,750, its one-month high. Over the last two days, prices in the city have remained stable, with gold rates steadily rising since february 29.
This increase is only the third time in the last year that the price of 10 grammes of gold in hyderabad has exceeded Rs 62,500. Prior to this, the price was Rs 64,200 on december 4, 2023, and Rs 64,250 on december 28, 2023. On the other hand, the silver price trend is now trending lower. The city's price of silver per kilogramme was Rs 77,000 on monday, indicating a downward trend in the metal's price.
Numerous places around the nation have reported seeing an increase in the price of gold. This pattern reportedly followed last week's worse US economic statistics, which sparked rumours of a possible Federal Reserve interest rate drop in June. As a result, the US dollar has declined in value and government rates have decreased, which has raised the price of gold on a worldwide scale.