Hyderabad: This summer, it’s not just the mercury that’s rising, but the price of gold is also on the rise. It’s hard to resist the allure of gold. Whether it’s for show or as a quiet investment, the precious metal is the choice of most people. Gold prices have been on a continuous rise for the past three days and the price of 10 grams of gold in Hyderabad was Rs 90,660 on Thursday, while it was Rs 90,440 on Wednesday. According to jewellers, gold prices have risen by Rs 220 for 24 carat and Rs 200 for 22 carat in just one day. “If you compare with Tuesday’s prices, gold prices have increased by Rs 660 for 10 grams for 24 carat and Rs 600 for 22 carat,” said an employee at a leading jewellery store. The price of 24-carat gold touched the Rs 90,000 mark on March 18, rising by Rs 660 in just two days!
Industry watchers in the city expect the price of gold to fluctuate over the next few weeks, but will continue to rise. “There is some speculation in the market that gold prices may soon touch the Rs 1 lakh mark. However, it is not too early to speculate,” said a jeweller. There is also talk of many people turning to gold from property for investment, given the stagnation and uncertainty in the city’s real estate market. As mentioned, gold is considered a safe option to invest money at this time. He said, “If you look at the last few months, you will find that the price of 10 grams of 24 carat gold has increased by more than Rs 2,500 in the last one month and it has increased by about Rs 7,300 in the last three months. There were minor fluctuations and corrections, but the price kept increasing.”
