Gold Prices Soar: Hyderabad Sees Record Surge, Global Tensions Fuel Safe-Haven Demand

• Gold prices in Hyderabad witnessed an unprecedented surge on January 21, with 10 grams of 24-carat gold increasing by Rs. 5,020 in the morning and reaching Rs. 7,480 within hours, hitting Rs. 1,57,260.
• 22-carat gold, used for jewelry, also saw a significant jump of Rs. 6,850, reaching Rs. 1,44,150 per 10 grams, while 18-carat gold rose by Rs. 5,660 to Rs. 1,17,940.
• In January alone, 24-carat gold prices increased by approximately Rs. 22,370, reflecting a substantial rise in a short period.
• The surge is attributed to increased demand for safe-haven investments amid global political uncertainties, including US President Donald Trump's actions regarding Greenland and NATO, and a weakening dollar.
• Globally, gold prices approached $4,900 per ounce, while silver neared $100 per ounce, with investors selling dollars and treasuries to invest in gold due to geopolitical tensions.

Why It Matters: Gold prices are skyrocketing due to global political instability and a weakening dollar, making it a safe-haven asset.