Hyderabad: Gold rates in Hyderabad and other Indian cities today broke all-time high records once again due to various reasons including economic uncertainties.
In Hyderabad, the rates of 10 grams of 24-carat and 22-carat yellow metal reached Rs 61360 and Rs 56250 respectively. Similarly, the rates of yellow metals in the international market hit a 13-month high, while silver rates reached a 12-month high.
The rates in other cities are as follows:
| Cities | 22K (in rupees) | 24K (in rupees) |
| Hyderabad | 56250 | 61360 |
| New Delhi | 56400 | 61510 |
| Mumbai | 56250 | 61360 |
| Chennai | 56900 | 62070 |
| Kolkata | 56250 | 61360 |
Reasons for rise in gold rates in Hyderabad, other cities
According to market experts, the gold rates in Hyderabad and other Indian cities have climbed due to various reasons, including weakness in the US dollar rate, poor US data, peaking out US interest rates, economic uncertainties, and a rise in oil prices.
Interestingly, gold has outperformed the stock markets in 2023 so far, with its overall return surpassing that of the Sensex and Nifty 50. While the 24-carat gold rate has increased from Rs 55,200 to Rs 60,000 from January 1, 2023, to March 31, 2023, the Sensex and Nifty 50 have dipped from Rs 60,840.74 to Rs 58,991.52 and from Rs 18,105.30 to Rs 17,359.75, respectively, during the same period.
This means that gold has given an overall return of more than 8 percent, while the profits of the Sensex and Nifty 50 have turned negative in the current year so far.
Gold likely to touch Rs 68 thousand
Many experts predict that the demand for the safe haven has increased due to the banking-industry turmoil and concerns that the US economy may tip into a recession. As a result, the gold rates are likely to touch Rs 68,000 in Hyderabad and other cities in the current financial year, giving a return on investment (ROI) of 10-15 percent in FY24.
With the current uncertainty in the stock markets, investors are looking for a reliable and safe investment, and gold seems to be the right choice.
