Gold rates in Hyderabad saw a significant increase today, surpassing the 73-thousand mark on the auspicious occasion of Akshaya Tritiya. The rates for 10 grams of 22-carat and 24-carat gold reached Rs.67,000 and Rs.73,090, respectively. In May, gold rates in Hyderabad have risen by over 2 percent. At the beginning of the month, prices for 10 grams of 22-carat and 24-carat gold were Rs.65,550 and Rs.71,510, respectively.
On Akshaya Tritiya, the rates surged by Rs.850 and Rs.930 for 10 grams of 22-carat and 24-carat gold in Hyderabad. This day holds significance for Hindus and Jains, who consider it auspicious for various activities such as new ventures, marriages, charity, and investments in gold or other assets. The spike in gold rates is not exclusive to Hyderabad but is also observed in other cities across India.
Factors contributing to this increase include geopolitical tensions in the Middle East, the Ukraine-Russia conflict, and decisions made by the US Federal Reserve, among others. Goldman Sachs, a multinational investment bank, predicts that the price of gold will reach USD 2700 per ounce by the end of the year.