Gold prices have been steadily rising following the Federal Reserve’s announcement of a 25 basis point rate hike on Wednesday.
Published Date – Fri, 05/05/23 at 02:37pm
Representative images.
Hyderabad: Gold prices in Hyderabad rose further on Friday to Rs 62,400 per 10 grams of 24-carat gold, up Rs 220 from the previous day. Similarly, 22-carat gold was priced at Rs 57,200 per 10 grams, up Rs 200 from the previous day. It was the highest gold price in the city in a year.
Prices have been steadily rising after the Federal Reserve announced a 25 basis point rate hike on Wednesday. The rise in gold prices was attributed to a weaker dollar after the Fed raised interest rates.
Silver prices were also trending higher, with 1 kg retailing at Rs 83,700 on Friday, the highest in a year.
Analysts predict that the price of gold and silver will continue to rise in the coming days given the current global economic conditions. The ongoing trade war between the U.S. and China, uncertainty over Brexit and geopolitical tensions in the Middle East and North Korea also contributed to gold’s rise.
The rise in gold prices was not limited to Hyderabad as other Indian cities also saw price spikes.
