The glittering rise of gold prices in Hyderabad shows no signs of decline, as the precious metal continues its ascent ahead of the upcoming wedding season. According to experts, the surge in demand, combined with global market fluctuations, has led to a sharp rise in the price of gold.
As families prepare for the upcoming wedding season, shops in the city’s bustling markets are experiencing an overwhelming rush for gold jewellery. The price of 24 karat gold per 10 grams surpassed Rs 58,000 for the second time in a year on Thursday, eventually settling at an impressive Rs 58,420.
The price of 22 karat gold rose significantly, reaching Rs 53,550. The rising rate has sparked a surge of speculation among traders and investors, with many predicting that gold prices could potentially surpass the Rs 60,000 mark in the upcoming weeks.
According to jewellers in the city, the rise in gold prices can be attributed to a number of factors, including global market fluctuations and the weakening of the US dollar.
As the wedding season approaches, many families are scrambling to secure their share of the precious metal before prices skyrocket even further
“The demand for gold has always been high during the wedding season. Customers are flocking in droves to purchase gold, out of fear that prices will continue to escalate in the coming days,” stated Neeraj, a local jeweller.
Gold has always played a huge role in weddings. The city’s jewellers are working round the clock to keep up with the demand, and it seems that there is no end in sight to the metal’s meteoric rise.
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