Gold prices have shattered all-time highs in Hyderabad and other cities across India following the United States Federal Reserve’s approval of a quarter-point interest rate hike, continuing its efforts to achieve a 2% inflation rate.
Gold prices in Hyderabad have risen by more than 0.87 percent as of today. The current price of 22-carat and 24-carat yellow metal is Rs 57000 and Rs 62180, respectively. The rates for 22-carat and 24-carat yellow metal in the national capital are Rs 57150 and Rs 62330, respectively.
Since India is a net importer of gold, international factors influence the yellow metal’s price. The US Federal Reserve indicated on Wednesday that the quarter-point interest rate hike may be the last for the time being.
This indicates that the Central Bank’s battle against inflation is progressing.
As the Fed has hinted that there will be no further rate hikes, interest-bearing assets are becoming less desirable, causing investors to shift their focus to gold. Gold prices are rising as a result of investor interest in the precious metal.
ALSO READ: Princess Esra donates gold jewellery worth Rs.5 lakh to Yadadri Sri Lakshmi Narasimha Swamy
In times of economic uncertainty, investors flock to gold, which is regarded as a safe-haven asset. The rise in gold prices in Hyderabad and other Indian cities reflects global economic conditions. As the world economy remains volatile and uncertain, gold will remain a popular investment option.
Those looking to diversify their investment portfolio may benefit from investing in gold. During economic downturns, gold prices tend to rise, which can act as a hedge against inflation.
(This story has been sourced from a third-party syndicated feed, agencies. Raavi Media accepts no responsibility or liability for the text’s dependability, trustworthiness, reliability, and data. Raavi Media management/ythisnews.com reserves the sole right to alter, delete or remove (without notice) the content at its absolute discretion for any reason whatsoever.)
