Hyderabad is one of the extremely populated cities in India and is known for its excessive use of gold. The rates of gold in Hyderabad have a direct impact on the global gold rates that vary for numerous reasons such as global production, internal demand in the country, currency strength, change in the price of commodities, etc.
This precious metal is generally used to make jewelleries mainly for individual consumptions. They are majorly used in occasions such as marriages, festivals like Diwali, etc. On the other side, gold is famous for people's investment strategy be it for long term or short term. The returns appear reliable and assured as compared to equity markets or other bank deposits.
Gold is the most preferred commodities in Hyderabad, which makes it easy and convenient to buy it here. Numerous dealers and stores buy and sell gold. These are in huge demand, especially for investment purposes.
The gold coins can easily be bought from any bank present in the city. Further, these gold coins are found in different forms of purity letting you choose what you want. Depending on the actual weight of gold, these purity measures are considered. Many dealers make this metal available in different weights and purities. However, the bullion is only available in large quantities.
Gold is traded like a stock in numerous exchanges such as Multi Commodity Exchange (MCX), National Spot Exchange (NSEL) and National Commodity and Derivatives Exchange (NCDEX). These exchanges help people of Hyderabad invest in gold for different tenures. These exchanges could be on spot transaction basis or future transaction basis.