Hyderabad, Oct 17 (Maxim News): Gold prices are rising sharply in Hyderabad ahead of Diwali. Rates climbed again on Friday, adding to recent gains.
The price of 10 grams of 24-carat gold rose by Rs. 3,770 in a single day. The new price stands at Rs. 1,35,180 for 24-carat gold per 10 grams. Meanwhile, 22-carat gold costs Rs. 1,25,690 for 10 grams. Silver also moved higher, with a kilo priced at Rs. 1,85,000 in Hyderabad. These rates apply across the Telugu states.
Diwali usually brings discounts on many goods. Vehicles, clothes, and other items often see deals.
However, gold rarely gets price cuts or offers. Instead, prices tend to rise with demand. This season is no different. Prices are moving up quickly even as shoppers hit the markets.
Gold sales remain strong nationwide during the festival.
Retailers report steady footfall. Therefore, Diwali purchases are expected to continue through the weekend. Buyers, however, are concerned about the rapid rise in rates.
Some are adjusting their budgets. Others are choosing lighter jewellery or coins.
The sentiment in Hyderabad reflects a wider trend. Demand stays resilient during Diwali despite higher prices.
Consumers often prioritize auspicious buying over timing the market. Meanwhile, the current rates may push some to defer larger purchases. Yet overall, festival buying remains in full swing.
If the uptrend continues, shoppers could see more price movement in the short term.
However, many buyers still prefer to complete their festive purchases now. Market chatter suggests sustained interest through the holiday.
The focus remains on traditional buying and gifting. For now, the mood is upbeat but cautious as prices climb. (Maxim News)
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