Gold Rush in Hyderabad: Price Crosses ₹90K, Eyes ₹1 Lakh Milestone
As temperatures rise in the city this summer, gold prices are also heating up, capturing the attention of investors and jewellery lovers alike.
Hyderabad: As temperatures rise in the city this summer, gold prices are also heating up, capturing the attention of investors and jewellery lovers alike. In a steady upward trend over the past few days, the price of 24-karat gold has surged to ₹90,660 per 10 grams in Hyderabad as of Thursday, March 20.
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Jewellery stores across the city have reported significant footfall, with buyers flocking in both for adornment and investment purposes. According to industry sources, gold prices on Wednesday were at ₹90,440, and within 24 hours, increased by ₹220 for 24K gold and ₹200 for 22K gold.
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A Look at the Recent Surge
Gold’s upward march began earlier this week, and the numbers speak for themselves. Compared to Tuesday’s price, the 24K gold rate has risen by ₹660, while 22K has gone up by ₹600 over just two days. The ₹90,000 milestone was breached on March 18, and prices have continued to climb since.
Here’s a quick look at the 10-day gold price trend for 24K gold (per 10 gm) in Hyderabad:
- March 11: ₹87,490
- March 12: ₹87,980
- March 13: ₹88,580
- March 14: ₹89,780
- March 15: ₹89,670
- March 16: ₹89,670
- March 17: ₹89,560
- March 18: ₹90,000
- March 19: ₹90,440
- March 20: ₹90,660
Experts Predict Further Rise
Local jewellers and market analysts believe the rally is far from over. “There is speculation that gold could soon touch ₹1 lakh per 10 grams, although it may take some time,” said a staff member from a leading jewellery showroom.
Another trend emerging in Hyderabad is a shift from real estate to gold as a preferred investment, owing to the uncertainty in the property market. “Gold has proven to be a safer bet in recent months,” said a jeweller. “In the last three months alone, prices have increased by over ₹7,000 per 10 grams.”
What’s Next?
While some short-term fluctuations are expected, the overall sentiment remains bullish. For those looking to invest or buy, keeping an eye on daily price movements is crucial as gold continues its glittering journey upwards.
