Gold Price Hyderabad, June 28: Gold Jumps After Falling For 2 Days, 24k/100 Grams Costlier By Rs 4300

On Friday, mixed US economic data caused the dollar to weaken, making gold prices in Hyderabad more expensive. In Hyderabad, the price of gold is now Rs 6,615 for 22-karat gold and Rs 7,216 for 24-karat gold. Yesterday's prices were Rs 6,575 and Rs 7,173, respectively, indicating hikes of Rs 40 and Rs 43. The current price of 10 grams of 22k gold in Hyderabad is Rs 66,150, which is Rs 400 more expensive than yesterday's price of Rs 65,750. Similarly, the price of 100 grams of 22k gold in Hyderabad is Rs 6,61,500, which is a spike of Rs 4,000 from Rs 6,57,500 yesterday.

The price of 10 grams of 24-carat gold in Hyderabad is Rs 72,160 today, up from Rs 71,730 yesterday. This represents a rise in the price of Rs 430. The price of 100 grams of 24-carat gold in the city is Rs 7,21,600 today, up from Rs 7,17,300 yesterday, meaning that buyers would pay an extra Rs 4,300.

In Hyderabad, the price of ten grams of 18k gold is currently Rs 54,120, up Rs 320 from Rs 53,800 yesterday, while the price of one hundred grams of 18k gold is Rs 5,41,200, up Rs 3,200 from Rs 5,38,000 yesterday.

Gold prices recovered on the global market following a sharp decline due to mixed US economic data, growing expectations for rate cuts, and a steady rise in the weekly unemployment rate. Investors will be keenly monitoring the US PCE price index data today, which could have an impact on the price of gold.

MCX Gold Outlook Today

"MCX Gold Aug is expected to hold the key support near 70,800 and move back towards 72,000. Formation of bullish engulfing pattern on the daily charts would help the metal to regain its strength. Only close below 70,800, it would weaken towards 70,200," said the research analysts of ICICI Direct Research.

Gold Price Forecast

"Technically, the domestic GOLD observed lower level buying and closed with formation of bullish candlestick pattern on daily chart suggesting consolidation may continue. On the downside, the support for the MCX Gold is seen at 71240/70870-780 levels. Breakdown of 70780 can test at 70220/69950-69500 levels. The resistance will be at 71750/72200-970/73200 levels. Technically the short trend on GOLD is likely to remain consolidation mode and breakdown of 70750-500 would invite short-term selling pressure," said Way2Wealth Brokers Private Ltd.

Gold Price Prediction

"Gold prices are expected to test 71850-71900. One can buy at 71300 with a stop loss of 71000. One can also sell from 71900 maintaining a stop loss of 72150," stated N.B. Commodity Research (A Division of Nirmal Bang Commodities Pvt. Ltd).

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.