Gold prices in Hyderabad have risen beyond Rs 60,000 for the first time in three months, following a three-month low. In the city, 24-carat and 22-carat gold are now priced at Rs 60,000 and Rs 55,000, respectively.
The rise in gold prices is due to the weakening of the US currency. With the US dollar weakening, gold prices have risen significantly, touching their highest levels in a month.
However, despite the recent increase, current gold rates in Hyderabad are still lower than the all-time peak reported on May 5, 2023. The current values are around 4% lower than the levels recorded that day, which were Rs 62,400 for 24-carat gold and Rs 57,200 for 22-carat gold.
The future trajectory of gold rates in Hyderabad and other Indian cities remains unpredictable, as it is influenced by a number of factors, including the possibility of a recession in some countries and geopolitical instability caused by the Russia-Ukraine conflict. It remains to be seen if gold rates will continue to rise or begin to fall in reaction to changing market conditions.
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