Gold Price Hyderabad, June 18: Yellow Metal Prices Become Cheaper By Rs 1,100 For 24K/100 Grams

Tuesday, June 18, saw a decline in Hyderabad's gold prices for the second day in a row as US yields climbed to 4.28% from about 1.30%. Following the two-day consecutive decline, Hyderabad's gold prices fell by Rs 3,300 for 24k of 100 grammes and Rs 3,000 for 22k of 100 grammes.

In Hyderabad, the cost of 22-karat gold is now Rs 6,620 per gramme, while 24-karat gold is priced at Rs 7,222 per gramme. The price of 22k 10 grammes of gold in Hyderabad is now Rs 66,200, down Rs 100 from Rs 66,300 yesterday, while the price of 24k 10 grammes of gold in Hyderabad is now Rs 72,220, down Rs 110 in a single day from Rs 72,330 yesterday. Investors in Hyderabad will have to pay Rs 6,62,000 today for 22k of 100 grams of gold, down from Rs 6,63,000 yesterday-a savings of Rs 1000.

In Hyderabad, 18k of 100 grams of gold is priced today at Rs 5,41,600 which was Rs 5,42,400 representing a fall of Rs 800.

Gold Price Prediction Today

"Technically the domestic GOLD traded in tight range with negative bias and closed with formation of small bearish candlestick pattern on daily chart suggesting consolidation may continue. On the downside, the support for the MCX Gold is seen at 71200/70870-780 levels. Breakdown of 70780 can test at 70220/69950 levels. The resistance will be at 72030- 330/72550-72970/73200 levels. Technically the short trend on GOLD is likely to remain in consolidation mode and traders are advised to trade with strict stoploss as volatility may remain high," said the research analysts of Way2Wealth Brokers Private Limited.

"Gold prices are expected to rise. One can buy at 71500 with a stop loss of 71250 for the target at 71800-72000," said N.B. Commodity Research (A Division of Nirmal Bang Commodities Pvt. Ltd) in a note.

Gold Outlook Today

Navneet Damani, Head Research- Currencies and Commodities at Motilal Oswal said, "Gold and silver prices traded steady in yesterday's session as on one end, hawkish comments from Fed official is weighing on prices while, on other Geo-political tension is keeping risk premium high. U.S. Treasury yields rose, with the 10-year note coming off its biggest weekly drop of the year in response to inflation data that boosted hopes the Fed would be able to cut rates by at least 25 bps in September. Bets for a rate cut in September has also not changed much as it continues to hover around ~60% rising from 45% a week back, post US CPI data."

"Philadelphia Fed President Patrick Harker said the central bank would be able to cut rates one time this year should his forecast play out. Similarly, few other Fed officials also mentioned that they are okay to keep the rates where they are and look at the data as they are being reported ahead. Economic data showed manufacturing activity in New York improved in June, but remained in contraction territory with a reading of -6 against the expectations of -12.50. Focus this week will be on preliminary manufacturing and Services PMI from major economies, US Retail sales data and BOE policy meeting. Gold on domestic front is expected to between the range of Rs 70,800 -71,800," the analyst further added.

Disclaimer

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