Gold Price In Hyderabad Drops, Sept 4: Yellow Metal Prices Dip By Rs 100, Silver Falls Rs 900

Due to the pressure of a stronger dollar and investors' anticipation of key U.S. data that may impact the Federal Reserve's upcoming monetary policy decisions, domestic gold prices dropped on Wednesday. In the same vein, Hyderabad's gold and silver prices somewhat plummeted due to persistent Middle East geopolitical worries.

In Hyderabad today 100 grams of 22k gold reached Rs 6,66,900 which was Rs 6,67,000 representing a fall of Rs 100 whereas 100 grams of 24k gold price stood at Rs 7,27,600 after falling by Rs 100 from Rs 7,27,700 yesterday. 10 grams of 22k gold price in Hyderabad reached Rs 66,690 today as compared to Rs 66,700 yesterday while 10 grams of 24k gold price in Hyderabad is Rs 72,760 for retail investors as against Rs 72,770 yesterday.

18k of 10 grams of gold cost Rs 54,560 in Hyderabad today compared to Rs 54,570 yesterday; in contrast, 18k of 100 grams of gold cost Rs 5,45,600 in Hyderabad today compared to Rs 5,45,700 yesterday, signifying a Rs 100 drop.

Silver Prices In Hyderabad Today

Silver currently costs Rs 90 per gramme and Rs 90,000 per kilogramme in Hyderabad. In Hyderabad, the retail price of 1000 grams of silver is Rs 90,000 today, down from Rs 90,900 yesterday, a difference of Rs 900. On the other hand, the price of 100 grams of silver in Hyderabad is Rs 9,000 today compared to Rs 9,090 yesterday.

On Tuesday, MCX Silver ended 1.52 per cent down at Rs.81209/kg, while spot silver settled 1.58 per cent lower at 28.1 per ounce. Continued worries about sluggish Chinese demand and a strong US dollar are anticipated to put downward pressure on metal prices.

Spot Gold Prediction

"Spot gold is likely to face the hurdle near $2520 and move lower towards $2475 amid strong dollar. Further, focus has turned towards the key US job number this week, which could give further clarity on the quantum of rate cut this year and may provide clarity on price direction. We expect gold to remain in a tight range ahead of the slew of economic data from US. On the upside, a strong call base near 2550 call strike indicates a stiff resistance for the yellow metal. Similarly $2450 would act as strong support for the metal," said the research analysts of ICICI Direct Research.

MCX Gold Outlook

"MCX Gold Oct is expected to face the hurdle near 71,900 and move lower towards 71,000. Only close below 71,000 it would turn weaker," the research analysts of ICICI Direct Research stated.

"Technically, the domestic yellow metal MCX (October Contract) gold traded in tight range and closed with formation of small bearish kind of candle on daily chart suggesting consolidation may continue. On the higher side the resistance at 71650-900/72480/72670- 850/73190-73670 levels. On the downside, the support for the MCX Gold is seen at 71190//70890/70300 levels. Technically the short-term trend on GOLD is likely to remain consolidation and traders are advised to trade with strict stoploss ahead of Inflation and NFP data," the research analysts of Way2Wealth Brokers Private Ltd predicted.