📷 Image Credits: The Siasat Daily
The gold rates in Hyderabad witnessed a substantial decline yesterday, impacted by international events affecting the global economy. The prices of 22-carat and 24-carat gold per 10 grams dropped by Rs 1,900 and Rs 2,080 respectively in just one day. Currently, the rates stand at Rs 65,700 for 22-carat and Rs 71,670 for 24-carat gold. Earlier in May, both types of gold reached record highs of Rs 68,900 and Rs 75,160 respectively. Over the course of this month, the gold rates in Hyderabad have decreased by 1.21 percent.
The drop in gold prices can be attributed to the US nonfarm payroll report and China’s reduced gold purchases. The Bureau of Labor Statistics data showed that the labor market added 272,000 nonfarm payroll jobs in May, surpassing the anticipated 180,000. Following this positive report, expectations for a Federal Reserve rate cut were pushed from July to September, leading to a decline in gold prices. Additionally, China’s decreased gold purchases last month also contributed to the dip in gold rates.
The future trajectory of gold rates will hinge on several factors, including the Federal Reserve’s rate cut decision, developments in the Russia-Ukraine conflict, and stability in the Middle East. Investors and consumers are keenly observing these variables to predict the movement of gold prices in Hyderabad and globally. Stay updated with the latest Hyderabad news by subscribing to our WhatsApp and Telegram channels. For exclusive Hyderabad updates, download our Android and iOS app today.
