Gold prices continue to soar in Hyderabad, with 10 grams of 24-carat gold reaching ₹1,23,420 and 22-carat gold trading at ₹1,10,700. Silver is also witnessing steady gains, with a kilogram priced at ₹1.54 lakh. The sharp increase has prompted consumers to hold back on purchases, and local jewelers report a decline in jewelry sales in recent weeks.
Experts attribute the surge in gold prices to a combination of factors, including the U.S. federal government shutdown, high tariffs imposed by former President Donald Trump, global geopolitical tensions, and central bank purchases. These developments have heightened demand for gold as a safe-haven asset amid economic uncertainty.
In the international market, gold is trading at $3,935 per ounce. Analysts note that the U.S. shutdown has created significant uncertainty, as key economic data is unavailable. Since the Federal Reserve relies on such data for its monetary policy decisions, the lack of clarity over how long the situation will persist is a primary driver behind the rising gold prices.
