Hyderabad: The price of gold in Hyderabad has reached a one-month high on Monday, March 4, amidst fluctuating global economic indicators. The price of 24-carat gold per 10 grams was reported at Rs 64,090, continuing its upward trend from the previous month. Meanwhile, the cost of 10 grams of 22-carat gold remained steady at Rs 58,750, also at its one-month high.
Over the last two days, prices have remained stable in the city, with the gold rate steadily increasing since February 29. This surge marks the third time in the past year that the price of 10 grams of gold in Hyderabad has surpassed Rs 62,500, following previous peaks of Rs 64,200 on December 4, 2023, and Rs 64,250 on December 28, 2023.
Conversely, the price trend for silver is currently on a downward trajectory. The price of silver per kilogram in Hyderabad was recorded at Rs 77,000 on Monday, indicating a decrease in the metal’s value.
Reports suggest that several cities across the country are witnessing an increase in gold prices, a trend attributed to the release of weaker economic data in the US last week. This development has raised speculation that the Federal Reserve may lower interest rates in June, leading to a depreciation of the US currency and a decrease in government rates, contributing to the global rise in gold prices.
Additional Insight: The fluctuation in global economic indicators, in particular the weaker economic data from the US, has a significant impact on the price of gold in Hyderabad and other cities. Investors often turn to gold as a safe-haven asset during times of economic uncertainty, leading to an increase in demand and consequently driving up prices. The trend of rising gold prices in Hyderabad reflects the interconnectedness of the global economy and the influence of external factors on local markets.
