Hyderabad: Gold prices Hyderabad rose for the second consecutive day on Tuesday, while silver prices also registered a sharp increase in the bullion market, adding to the cost for buyers.
In the Hyderabad bullion market, the price of 24-carat gold increased by ₹760 per 10 grams to reach ₹1,44,220. Meanwhile, the price of 22-carat gold rose by ₹700 per 10 grams to ₹1,32,200.
Gold prices Hyderabad see second straight increase
Silver prices also moved higher alongside gold. The price of silver increased by ₹5,000 per kilogram, taking the rate to ₹2,40,000.
Buyers will have to pay Goods and Services Tax (GST) and making charges in addition to the quoted bullion prices. Moreover, prices may vary across different locations in the Telugu states.
Gold prices Hyderabad supported by investment demand
Market observers said demand for gold as an investment continued to support prices. Although the Ashadha month and Shoonya Masam usually witness fewer weddings and auspicious ceremonies, investment demand has remained strong.
Experts said the growing preference for gold as an investment contributed to the latest increase in bullion prices.