Gold price in Hyderabad hits ₹1.2 lakh per 10 gm

HYDERABAD: Gold prices continued their sharp climb on Tuesday, with 999 purity (24-carat) gold touching ₹12,00,000 per 100 grams in Hyderabad’s bullion market. This translates to ₹1.20 lakh for 10 grams.

Silver price touches ₹1,47,500 per kg in city market

Silver too saw a steep rise, with one kilogram priced at ₹1,47,500. In the international market, gold prices crossed $3,845 per ounce (31.10 grams), while silver reached $46.52 per ounce. A combination of global and domestic factors pushed prices higher in India.

Weak rupee and US Fed signals drive bullion rally

The rupee fell to a record low of ₹88.80 against the US dollar. On top of this, import duty and goods and services tax add over 9% to gold and silver prices, making domestic rates costlier compared to global markets.

Bullion traders said global investors are shifting funds to precious metals as the US Federal Reserve signalled rate cuts this month and hinted at more reductions later this year. Falling bond yields and weaker equity markets in emerging economies are further fuelling the rush into gold and silver.