Gold rates in Hyderabad, which recently approached all-time highs, have experienced a decline over the past two days. On July 17, the price of gold reached Rs 75,000 per 10 grams. However, it has since decreased by Rs 650.
Currently, the rates for gold are as follows:
- 10 grams of 22-carat gold: Rs 68,150
- 10 grams of 24-carat gold: Rs 74,350
These figures are below the all-time highs of Rs 68,900 and Rs 75,160 for 10 grams of 22-carat and 24-carat gold, respectively, recorded on May 20, 2024.
Experts predict that gold prices in Hyderabad and across India may rise in the near future. The anticipated increase is attributed to the expected US interest rate cut in September, with a potential reduction of at least 25 basis points by the Federal Reserve.
Additionally, China, a major gold consumer that halted its gold purchases in May and June, is likely to resume buying due to ongoing geopolitical tensions.
Here are the current gold rates in various Indian cities:
| City | 22-carat gold (10 grams) | 24-carat gold (10 grams) |
|---|---|---|
| New Delhi | Rs 68,300 | Rs 74,500 |
| Kolkata | Rs 68,150 | Rs 74,350 |
| Mumbai | Rs 68,150 | Rs 74,350 |
| Hyderabad | Rs 68,150 | Rs 74,350 |
| Chennai | Rs 68,750 | Rs 75,000 |
It remains to be seen if gold rates will continue to climb or if they will fall below the current Rs 74,000 threshold.