Gold Price Rises In Hyderabad, Sept 6: 24k/100 Grams Gold Price Jump By Rs 5500, Silver Up By Rs 2k

Gold Rate In Hyderabad: Hyderabad's gold prices climbed significantly on Friday, particularly following the escalation of geopolitical concerns in the Middle East that caused price volatility around the center of the year. The price of 22k 10 grams of gold jumped to Rs 67,200 on Friday from Rs 66,690 on Thursday, signifying a Rs 510 rise in its value. In contrast, the price of 100 grams of 22k gold in Hyderabad is currently Rs 6,72,000, up from Rs 6,66,900 yesterday-a rise of Rs 5,100 in only one day.

However, the price of 24k of 10 grams of gold in Hyderabad is currently at Rs 73,310, up from Rs 72,760 yesterday. This represents a Rs 550 hike in pricing for retailers. The retail price of 24k of 100 grams of gold in Hyderabad is priced at Rs 7,33,100 on Friday which was Rs 7,27,600 yesterday representing a surge in price by Rs 5,500.

Investors searching for the price of 18k gold in Hyderabad should be aware that the current pricing for 10 grams of 18k gold is Rs 54,980, up from Rs 54,560 yesterday, or a Rs 420 hike in the price. On Friday, the price of 100 grams of 18k gold in Hyderabad was Rs 5,49,800, up from Rs 5,45,600 yesterday. This represents a gain of Rs 4,200 in only one day.

Silver Rates In Hyderabad Today

Capped by global economic concerns, silver rates in Hyderabad rallied by Rs 2000 on Friday. The price of silver in Hyderabad today is Rs 92 per gram and Rs 92,000 per kilogram. 100 grams silver price in Hyderabad today is at Rs 9,200 which was Rs 9,000 yesterday representing a price hike of Rs 200 whereas 1000 grams of silver rates in Hyderabad is Rs 92,000 on Friday compared to Rs 90,000 on Thursday, representing a price hike of Rs 2000.

Gold Price Outlook

Mr. Colin Shah, MD, Kama Jewelry said, "Gold witnessed a decent rally since the beginning of this calendar year. The price of yellow metal witnessed an upside in the domestic market especially after the outbreak of the geo-political tensions in the middle east, triggering volatility in prices around the mid-year. However, the prices saw some correction soon after the announcement of the customs duty cut in the union budget wherein the prices saw a drop of ~5% and the momentum soon gathered pace after this upside where prices hovered near a new all-time high range."

"The factors that played a major role in this rally is strong official sector buying coupled with resilient physical demand which provided structural support that lifted gold's trading range and also has the potential to continue till the rest of the year. Another factor is Fed's previous rate cut cycles, which gave a support to gold prices wherein it gained as much as ~9% over 2-3 quarters after the first cut. Moreover, strengthening of USD further provided a boost to gold prices. Going forward, the global price and demand of the yellow metal heavily relies on the next move by Fed," he added.

"Overall, the outlook for gold looks extremely promising. Apart from the geopolitical risks, this could be driven by the higher macro volatility amid elections in many countries in 2024, especially the US, which will further support diversification and add to the yellow metal's long term appeal. Also, with the reduced customs duty era, the festive and wedding season in the domestic market, along with increasing purchasing power of buyers due to higher disposable income will play its part in driving the demand for gold. Overall, we expect the remainder of the year to be stellar for gold rally, especially the Dhanteras period where gold may touch a new high," Colin Shah stated.

MCX Gold Price Prediction

"Technically, the domestic yellow metal MCX (October Contract) gold marked buying pressure and closed with formation of bullish kind of candle on daily chart suggesting positive bias. On the higher side the resistance at 72480/72670-850/73190- 73670 levels. On the downside, the support for the MCX Gold is seen at 71700-240/70890/70300 levels. Technically the short-term trend on GOLD is likely to remain consolidation with positive bias and traders are advised to trade with strict stoploss ahead of Inflation and NFP data," said the research analysts of Way2Wealth Brokers Private Limited.