Gold rates in Hyderabad have reached unprecedented levels, with 24-carat gold crossing the Rs 80,000 mark. As of today, 10 grams of 22-carat gold costs Rs 73,400, while 24-carat gold stands at Rs 80,070. This represents a 4.11% increase compared to the beginning of October, with prices rising by Rs 400 for 22-carat and Rs 430 for 24-carat gold.

The surge in gold prices is attributed to various global and domestic factors, including US Federal Reserve rate cuts, geopolitical tensions, and increased buying by central banks. The ongoing Russia-Ukraine conflict and uncertainty surrounding the US election have also driven up demand for gold as a safe-haven asset.

The skyrocketing gold rates have raised concerns about a potential drop in domestic demand, particularly with the festive and wedding season approaching. Traditionally, gold plays a significant role in Indian cultural and religious ceremonies, but high prices may deter potential buyers. Gold rates in other major Indian cities, including Mumbai, Delhi, and Bengaluru, have also witnessed significant increases.