Gold rates break life-time high records in Hyderabad, other cities
Hyderabad: Gold rates have broken all-time high records in Hyderabad and other cities across India after the United States Federal Reserve approved a quarter-point interest rate hike, continuing its efforts to achieve an inflation rate of 2 percent.
As of today, the gold rates in Hyderabad have jumped over 0.87 percent. The current rates for 22-carat and 24-carat yellow metal are Rs 57000 and Rs 62180, respectively. In the national capital, the rates for 22-carat and 24-carat yellow metal are Rs 57150 and Rs 62330, respectively.
The rates in other cities are as follows:
Cities 22K (in rupees) 24K (in rupees)
Hyderabad 57000 62180
New Delhi 57150 62330
Mumbai 57000 62180
Chennai 57500 62730
Kolkata 57000 62180
As India is an importer of gold, international reasons play a significant role in the rates of the yellow metal. On Wednesday, the US Federal Reserve signaled that the quarter-point interest rate hike may be its last one for now. This indicates progress in the Central Bank’s battle with inflation.
As the Fed hinted that there will be no further hikes in interest rates, interest-bearing assets are becoming less preferable thereby shifting investors’ focus towards gold. As a result of investors’ interest in gold, the prices of the precious metal are rising.
In times of economic uncertainty, investors tend to flock towards gold, as it is considered a safe-haven asset. The rise in gold rates in Hyderabad and other Indian cities is a reflection of the prevailing global economic conditions. As the world economies continue to be volatile and uncertain, gold will continue to remain a popular investment option.
