Hyderabad: Gold prices surged past ₹1.32 lakh per 10 grams on Sunday, extending a relentless upward trend. This continues to strain household budgets. The spike has made gold increasingly unaffordable for middle-income buyers. Silver prices are also following a similar steep trajectory.
Gold hits new highs across major cities
In Hyderabad, the price of 24-carat gold stood at ₹1,32,100 per 10 grams, while 22-carat gold was priced at ₹1,26,420. Identical rates were recorded in other key markets including Vijayawada, Chennai, Mumbai, Delhi, Bengaluru, and Kolkata.
Just a week ago, gold prices hovered around ₹1.20 lakh per 10 grams. However, a sudden ₹10,000 jump has stunned consumers and traders alike.
Silver inches closer to ₹2 lakh/kg
Adding to the pressure, silver prices have also climbed sharply. Market rates suggest that the price of one kilogram of silver is nearing ₹2 lakh. This creates further concern among retail buyers and jewellery traders.
Industry experts say there is potential for further volatility in both gold and silver prices. This depends on global cues and investor sentiment.
As gold continues to inch out of reach for the average buyer, many are rethinking investment and purchase plans. This occurs ahead of the wedding and festival seasons.