Gold prices in Hyderabad have been seeing a downward trend for more than a month. Today’s 22-carat and 24-carat gold rates are Rs 55,500 and Rs 60,550, respectively, down from Rs 55,700 and Rs 60,760 on May 1, 2023.
The upcoming meeting of the US Federal Reserve scheduled for next week is one of the key factors influencing the drop in gold rates in Hyderabad and other cities in India. This meeting is crucial because it has a significant impact on the price of gold.
The movement of the US dollar and bond yields has a significant impact on gold rates. Investors are less interested in zero-yield bullion due to a strong dollar and higher 10-year treasury yields.
Given that India is the world’s second-largest importer of gold, these global factors influence gold prices in Hyderabad and other Indian cities.
The outcome of the upcoming Federal Reserve meeting will be critical in determining whether gold rates will continue to fall or begin to rise.
Other factors, in addition to the Federal Reserve meeting, can influence the future direction of gold rates in Hyderabad. Some of them are global geopolitical tensions, global economic indicators, and changes in investor sentiment. Gold rates in India’s metro cities are also affected by local factors such as demand during a particular month or festival, among others.
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While it is customary for gold prices to rise during the wedding season, this year’s trend was unexpected by buyers. The glimmer of gold appeared to be fading at the height of the celebratory season, surprising many.
This precious metal, whose ornaments adorn many South Indian women during various South Indian celebrations, fell significantly.
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