Gold Price Falls In Hyderabad, July 9: 24k/100 Grams Gold Price Gets Cheaper By Rs 6000 In 2-Days

Recent labour market data caused gold prices in Hyderabad to drop sharply today as investors prepared themselves for a boom in equity ahead of Budget 2024. In Hyderabad, the cost of 22-karat gold is now Rs 6,710 per gramme, while 24-karat gold is priced at Rs 7,320 per gramme. In Hyderabad, 22k of 100 grams of gold is priced at Rs 6,71,000 today compared to Rs 6,74,500 yesterday, indicating a drop of Rs 3500 in a single day. Similarly, 22k of 10 grams of gold is priced at Rs 67,100 today compared to Rs 67,450 yesterday, reflecting a decline of Rs 350.

The price of gold in Hyderabad has dropped by Rs 5500 in only two days if we consider the drop of Rs 2000 that occurred yesterday for 22k worth of 100 grams of gold. However, in Hyderabad, 24k of 10 grammes of gold is now priced at Rs 73,200, down from Rs 73,580 yesterday-a drop of Rs 380-while 24k of 100 grammes of gold is now priced at Rs 7,32,000, down from Rs 7,35,800 yesterday. If the drop of Rs 2200 yesterday is taken into account, 24k of 100 grams of gold have dropped by Rs 6000 in only two days in Hyderabad.

Tuesday saw a modest boost to gold prices on the global market due to speculation about a possible rate drop in September by the US Federal Reserve. The spot price of gold was $2,363.68 per ounce, up 0.20%. At $2,370.15, US Gold Futures were up 0.30%. Investor attention is focused on Fed Chair Jerome Powell's Congressional testimony, remarks from Fed officials, and the upcoming publication of U.S. inflation data, which will influence the forecast for bullion going forward.

Commenting on the gold outlook, the research analysts of ICICI Direct Research said, "Spot gold is expected to find support at $2350 and move towards $2385 on expectation that the US Federal Reserve might cut the rate in September following soft US employment data last week. The probability of rate cut in September has went up to 77% after last week's job numbers. Meanwhile, focus will remain on comments from the Fed members and US inflation numbers this week, as it could bring further clarity in timing of first interest rate cut."

On MCX Gold forecast, ICICI Direct Research said, "MCX Gold Aug is expected to hold the key support of 10 day EMA at 72,100 and move towards 72,800. Above 72800 it would open the doors towards 73,200."

How To Trade MCX Gold Today?

"On India's MCX, gold has witnessed selling pressure on Monday and technically, the domestic yellow metal MCX gold closed with bearish candle on daily chart suggesting consolidation may continue and it can move towards 72480-73040/73520/73850/74000 -74400 levels. On the downside, the support for the MCX Gold is seen at 71980-240/70870-780 levels. Technically the short trend on GOLD is likely to remain consolidation mode and traders are advised to apply buy on dips strategy for short term gains," said the commodity research analysts of Way2Wealth Brokers Private Ltd.

Disclaimer

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