Hyderabad: In a major shock to consumers, gold prices surged by Rs 2,700 per 10 grams on Wednesday — marking the steepest single-day rise in recent memory. The sharp hike has pushed the price of 22-carat gold to Rs 85,600 per 10 grams, while 24-carat gold has touched Rs 93,380 per 10 grams in Hyderabad.
The surge was not limited to Hyderabad alone. In the national capital Delhi, 22-carat gold is now priced at Rs 85,750 per 10 grams and 24-carat gold at Rs 93,530. Mumbai recorded similar rates with 22-carat gold at Rs 85,560 and 24-carat gold at Rs 93,380. In Visakhapatnam, the rates stood at Rs 85,560 and Rs 93,380 respectively for 22- and 24-carat gold.
Silver prices also saw a significant jump, increasing by Rs Rs 2,000 per kilogram. The new rate for silver has reached Rs 1,04,000 per kg, adding further pressure on consumers during the ongoing wedding and festive season.
Analysts suggest that the sharp rally in gold and silver prices is largely due to rising geopolitical tensions and global economic uncertainties, which are pushing investors toward traditional safe-haven assets. Experts are advising buyers to stay cautious and track market trends closely, as further fluctuations in precious metal prices cannot be ruled out.