On Tuesday, 24 carat gold was retailing at Rs 55,580 per 10 grams, while 22 carat (10 grams) was at Rs 50,950, a sharp increase of Rs 540 and Rs 500 respectively from the previous day.
Post Date – 11:33 PM, Tue – 1/3/23
Representative images.
Hyderabad: Gold started the new year on a solid note in Hyderabad, with prices rising to a one-year high on Tuesday. The industry expects gold prices to remain high in the coming days, potentially slowing demand for gold during the wedding season.
On Tuesday, 24 carat gold was retailing at Rs 55,580 per 10 grams, while 22 carat (10 grams) was at Rs 50,950, a sharp increase of Rs 540 and Rs 500 respectively from the previous day. In the same period last year, the yellow metal was fetching Rs 48,990 for 24 carats per 10 grams, while 22 carats were at Rs 44,900.
Gold and silver prices in India depend on a number of factors, including the value of the rupee against the dollar. Global demand also plays a key role in determining precious metals price trends.
While further price hikes are expected, city jeweler Deepak Aggarwal said that Hyderabad gold prices are not expected to see more dramatic gains in the coming days. “In the past year, this is the first time that 24-carat gold has touched Rs 55,580. The same is true for 22-carat. The Russo-Ukrainian war was one of the main factors behind the sharp hike in rates,” he added.
Meanwhile, bookings for gold jewelery have picked up as the wedding season kicks off next month. There has also been an uptick in trade-ins for new pieces, another urban jeweler said.
In the past month, the price of gold in the capital has shown an upward trend. In December, 24-carat diamonds soared to Rs 55,200, while 22-carat diamonds reached Rs 50,600. Also in September, October and November, gold prices rose by 0.34%, 0.22% and 4.31% respectively.
Elsewhere, silver prices also rose, retailing at Rs 75,500 in the city on Tuesday. It recorded a rise of Rs 1,000. This is the first time silver prices have reached this level in the past year.
Gold Prices (10 grams) in Hyderabad for the past 10 days:
Date 22K 24K
Rs 50,950 Rs 55,580 on 3rd January 2023
Rs 50,450 Rs 55,040 on 2 January 2023
INR 50,600 INR 55,200 on 1st January 2023
INR 50,600 INR 55,200 on 31st December 2022
INR 50,350 INR 54,930 on 30th December 2022
29th December 2022 Rs 50,080 Rs 54,630
Rs 50,150 Rs 54,710 on 28th December 2022
INR 49,950 INR 54,480 on 27th December 2022
INR 49,950 INR 54,480 on 26th December 2022
INR 49,850 INR 54,380 on 25th December 2022
