Gold and Silver Prices Soar to Record Highs in Hyderabad

Hyderabad's gold and silver markets have experienced a bullish surge this week, mirroring trends seen across India. Prices for both precious metals have climbed to unprecedented levels.

The upward momentum follows the US Federal Reserve's decision on December 10 to lower interest rates by 25 basis points. Market analysts suggest that anticipation of further rate cuts by the US Fed is a primary driver behind the increased value of bullion this year.

**Hyderabad Gold and Silver Price Trends**

• Gold:** On December 8, the price of 24-carat gold was Rs 1,30,420 per 10 grams. By December 15, it had jumped to Rs 1,34,730, establishing a new all-time high.
• Silver:** Silver prices have followed a similar trajectory. The price per kilogram rose from Rs 1,98,000 on December 8 to Rs 2,13,000 today.

The domestic futures market reflects this positive trend. Early trading on the Multi Commodity Exchange (MCX) showed gold February futures up by 0.72 percent at Rs 1,34,580 per 10 grams. Silver March contracts also saw significant buying, increasing by 1.36 percent to Rs 1,95,466 per kg.

**Analyst Perspectives**

Market experts believe gold prices are consolidating just below a key resistance area, indicating a continued positive outlook. They observe that gold's upward trajectory remains intact, with buyers readily entering the market during price dips. Support for gold is projected in the Rs 1,32,000 to Rs 1,31,000 range. A breakthrough above Rs 1,35,000 could propel gold prices toward Rs 1,37,000 to Rs 1,40,000 in the near term.

The bullish trend for silver is expected to continue as long as prices remain above critical support levels.

Ultimately, the future direction of gold and silver rates in Hyderabad and other Indian cities will be shaped by factors such as interest rate adjustments, the strength of the dollar, and the ongoing demand for safe-haven assets.