Hyderabad: The prices of gold continued their upward spiral in the city, touching an unprecedented price of Rs 25,000 per 10 grams, before closing at Rs 24,800 on Monday.
According to Mohammed Khan Jewellers, the price of 10 gram of the yellow metal on Monday was Rs 24,800, without taxes.
The unprecedented rise in gold prices is attributed to the world wide crash in the stock markets and the festive and marriage season in the country.
“Investors are preferring to invest in gold as they await the markets to stabilise,” a source told INN.
In Mumbai, the commercial capital of the country, standard gold closed at Rs 24,930 per 10 grams, a rise of almost Rs 400 from the previous trading session.
Pure gold however breached the Rs 25,000 mark.(INN)