Crime Today News
Hyderabad: The gold rates in Hyderabad and other Indian cities have skyrocketed over the past few months and broken all-time high records multiple times.
However, now a US-based Morningstar analyst has forecast a 38 percent drop in the next few years.
Will prices decline below Rs 56 thousand?
Though the prices are different in various Indian cities, the current rate for 10 grams of 24-carat gold is around Rs 90,000.
If the prediction of the analysts proves correct, the rates of gold in Hyderabad and other cities in India may fall below Rs 56000.
As per the analysts, one of the reasons behind the drop could be increased supply as mining profits reached USD 950 per ounce in the second quarter of 2024. Moreover, Australia is increasing production and the supply of recycled gold is rising.
Another potential reason is declining demand as central banks have slowed down purchasing the yellow metal after massive buying of 1045 tonnes last year.
Current gold rates in Hyderabad
Today, the rates for 10 grams of 22-carat and 24-carat yellow metal declined by Rs 250 and Rs 280 respectively.
Following the decline, the rates reached Rs 82850 and Rs 90380 for 10 grams of 22-carat and 24-carat gold in Hyderabad.
However, in the current year so far, the rates have surged by over 15 percent.
On the one hand, uncertainty in global markets and trade policies are likely to push the gold rates up; on the other, the rise in supply and decline in demand from central banks may drag the gold rates down in Hyderabad and globally.
It remains to be seen in which direction the rates of the yellow metal will move in the coming weeks.
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