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Gold prices shoot up in Hyderabad

The price of gold has been on a steady rise following the US Federal Reserve’s announcement of a 25 basis point rate hike on Wednesday.

Published Date – 02:37 PM, Fri – 5 May 23

Gold prices shoot up in Hyderabad
Representational Image.

Hyderabad: Gold prices rose further in Hyderabad on Friday with 24 carat gold per 10 gram priced at Rs 62,400, a rise of Rs 220 from the previous day. Similarly, 22 carat gold per 10 gram was priced at Rs 57,200, a hike of Rs 200 from the previous day. This marks the highest gold price in the city in one year.

The price has been on a steady rise following the US Federal Reserve’s announcement of a 25 basis point rate hike on Wednesday. The increase in gold prices is attributed to the weakness in the US dollar following the US Fed rate hike.

The price of silver is also seeing an upward trend, with 1 kg retailing at Rs 83,700 on Friday, which is the highest in one year.

Analysts predict that the price of gold and silver will continue to hike in the coming days, given the current global economic conditions. The ongoing trade war between the US and China, Brexit uncertainty, and geopolitical tensions in the Middle East and North Korea are also factors contributing to the increase in gold prices.

The rise in gold prices is not just limited to Hyderabad, as other cities across India are also witnessing a surge in the prices.

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