Hyderabad: Gold rates in Hyderabad have rebounded, reversing the declining trend of the past few days. This reversal in trend is attributed to the tensions in the Middle East region due to the Israel-Palestine conflict.
In response to the Middle East tensions, investors have turned to gold, which is considered a safe haven asset during uncertain times.
Current gold rates in Hyderabad
At present, the rates of gold in Hyderabad stand at Rs 54,000 for 10 grams of 22-carat gold and Rs 58,910 for 24-carat gold.
Recently, the price of gold hit a six-month low, with rates for 10 grams of 22-carat and 24-carat gold dropping to Rs 52,600 and Rs 57,380, respectively.
Although the price of gold has increased by over 2.6 percent from the six-month low, jewelry shops in Hyderabad are witnessing a rush, as many anticipate that prices may rise further.
Israel-Palestine Conflict
The recent tensions in the Middle East were sparked by Hamas attacks that resulted in the deaths of hundreds of Israelis and injuries to many.
In response to these attacks, Israel launched airstrikes against the Gaza Strip, claiming that the attacks were targeting Hamas infrastructure. These airstrikes have also resulted in the deaths of hundreds and injuries to many.
Due to the escalation of tension in the Middle East region, investors are concerned about volatility in global markets and have turned to gold, causing the rates of the yellow metal to rise not only in Hyderabad but also in other Indian cities and around the world.
