Gold rates in Hyderabad likely to touch Rs 70 thousand in 2024

Gold rates have surged by over 15 percent in 2023.

Hyderabad: The gold rates in Hyderabad are expected to reach the Rs 70,000 mark per 10 grams in 2024, driven by a stable rupee, geopolitical uncertainties, and slowing global economic growth.

This increase in yellow metal rates is not limited to Hyderabad as it will be witnessed in other Indian cities as well.

Current gold rates in Hyderabad

As of now, gold rates in Hyderabad are at Rs 63,870 and Rs 58,550 per 10 grams for 24-carat and 22-carat gold, respectively.

The yellow metal has surged by over 15 percent in the current year, with rates for 10 grams of 24-carat and 22-carat gold on January 1 at Rs 55,200 and Rs 50,600, respectively.

Following are the rates in other Indian cities

Experts’ predictions for 2024

Kotak Securities Vice President – Head Commodity Research, Ravindra Rao, stated that retail jewelry buying might face challenges due to higher domestic prices in India and China. However, central banks’ demand may surpass last year’s record if the current momentum continues.

Rao emphasized that robust central bank buying, coupled with solid bar and coin demand, supported gold prices despite surging bond yields and a strong US dollar throughout the year, as the US Federal Reserve raised interest rates to a 22-year high.

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World Gold Council Regional CEO, Somasundaram PR, highlighted that gold prices globally reached historic highs during the year, serving as a safe haven and hedge against inflation. He mentioned that in 2024, gold prices’ trajectory will depend largely on the dollar index and geopolitical situations.

Gem Jewellery Export Promotion Council (GJEPC) Chairman, Vipul Shah, acknowledged 2023 as a challenging year for exporters. He attributed this to a decline in demand in key markets, increased interest costs, geopolitical issues, and China’s prolonged closure post-COVID.

Shah expressed optimism for improvement in 2024, expecting interest rates to decrease, geopolitical issues to resolve, and the Chinese market to remain open.

In view of the situation globally, the gold rates in Hyderabad and other Indian cities are likely to go up further to touch Rs 70 thousand in 2024.

With inputs from PTI