Hyderabad: Hopes of falling gold rates have collapsed as prices hit an all-time high, hurting families preparing for weddings and dowry gifts during the upcoming festive season.
Last week, gold prices in India rose by nearly 4 percent, pushing all purities to record levels. The surge has continued into this week, with traders expecting further increases as demand for gold and silver jewellery grows.
Gold rates in Hyderabad climb to record highs
On Tuesday, 24-carat gold reached ₹1,13,920 for 10 grams in Hyderabad by noon, edging close to the ₹1,15,000 mark. The rate had stood at ₹1,10,418 earlier in the day.
In global markets, gold touched $3,700 per ounce. Analysts linked the jump to expectations of a US Federal Reserve interest rate cut. They said a falling rupee against the dollar also magnified the rise.
If US rates decline, the dollar may weaken further, creating more room for gold prices to climb. Traders warned that relief is unlikely for Indian buyers.
Dealers projected that by 2028, one gram could cost as much as ₹20,000. They added that rising prices have already driven more households to shift into gold saving and investment schemes.
