Gold prices in Hyderabad surge beyond Rs 70,000-mark, Silver Hits Record High

The relentless surge in gold and silver prices has reached unprecedented levels in Hyderabad, with gold breaching the Rs 70,000 per 10-gram mark for the first time in a year. Silver also witnessed a significant uptick, crossing the Rs 85,000-mark per kilogram.

Gold prices in Hyderabad soared to historic heights on Thursday, as the price of 24-carat gold surged to an all-time high of Rs 70,470 per 10 grams, marking a notable increase of Rs 600 within a single day. This milestone signifies the first instance in a year that gold has surpassed the Rs 70,000-mark in the Hyderabad market.

Simultaneously, the price of silver also witnessed a remarkable surge, reaching new peaks in Hyderabad. One kilogram of silver was priced at Rs 85,300, representing an increase of Rs 1,300 within a day. This marks the first time in a year that silver has crossed the Rs 85,000-mark in Hyderabad’s market.

The unprecedented surge in gold and silver prices can be attributed to recent developments in the international market, particularly US Federal Reserve Chair Jerome Powell’s speech. Powell’s indication of a dovish stance on interest rates prompted a retreat of the US dollar from its four-month high, subsequently boosting the prices of precious metals.

Experts in the commodity market have identified Powell’s speech as the primary catalyst behind the surge in gold and silver prices. They anticipate potential interest rate cuts in the upcoming US Federal Reserve meeting scheduled from April 30 to May 1, 2024. Furthermore, the decline of the US dollar index from its recent peak has further fueled the bullish trend observed in bullion metal prices worldwide.

The surge in gold and silver prices reflects the growing investor interest in precious metals amid evolving market dynamics and economic uncertainties, shaping the trajectory of commodity markets in Hyderabad and beyond.