Gold Prices Jump In Hyderabad, Sept 11: 24K/100 Grams Gold Price Rises By Rs 4100, Silver Up Too

Following the release of the US Jobs Data on Friday of last week, there was a modest spike in gold prices in India. Speaking about the nation, Hyderabad witnessed a significant spike in gold prices today as a result of a decline in US Treasury yields and a weakening of the US dollar. The price of 24-carat gold per 10 grams in Hyderabad is Rs 73,250 on Wednesday, up from Rs 72,840 on Tuesday-a substantial rise of Rs 410. In Hyderabad, the price of 100 grams of 24k yellow metal is currently Rs 7,32,500, up from Rs 7,28,400 yesterday-a substantial spike of Rs 4,100.

10 grams of 22k gold rates in Hyderabad is at Rs 67,150 in Hyderabad today which was Rs 66,770 yesterday representing a costlier rate of Rs 380. Whereas 100 grams of 22k of yellow metal in Hyderabad is priced at Rs 6,71,500 on Wednesday which was Rs 6,67,700 on Tuesday representing a costlier retail price of Rs 3,800. In Hyderabad, the price of 22-karat gold has increased to Rs 6,715 per gramme, while 24-karat gold is priced at Rs 7,325 per gramme.

In Hyderabad, the current price of one gram of 18k gold is Rs 5,494. In Hyderabad, the price of 10 grams of 18k gold is currently Rs 54,940, up from Rs 54,630 yesterday-a rise of Rs 310 today. The price of 100 grams of 18k gold increased by Rs 3,100 to Rs 5,49,400 in Hyderabad on Wednesday from Rs 5,46,300 yesterday.

Silver Rates In Hyderabad Today

The price of silver increased in Hyderabad as well, reaching Rs 91.50 per gramme and Rs 91,500 per kilogramme as attention shifts back to China's demand forecast. In Hyderabad, the price of ten grams of silver is Rs 915 today, up from Rs 910 yesterday. On Wednesday, the price of 100 grams of silver in Hyderabad was Rs 9,150, up from Rs 9,100 yesterday. This represents a rise of Rs 50 in only one day. On the other hand, the price of 1 kg of silver in Hyderabad increased by Rs 500 on Wednesday, from Rs 91,000 on Tuesday to Rs 91,500.

Gold Outlook Today

Mr. Colin Shah, MD, Kama Jewelry said, gold prices saw some upward movement after the announcement of the US Jobs Data last week on Friday. The US jobs data was below than expected level at 4.2%. This has heightened the possibility of a rate cut in the upcoming Fed meeting, though there are a few more economic data sets to be released this week.

"A rate cut by the US Fed will lead to a rally in gold as investors move funds to higher-yielding assets. Back home in India, the ongoing festive season will ensure steady demand for gold and gold jewellery. The higher gold rates will not likely impact demand for gold in India," he further added.

MCX Gold Price Prediction

"Technically, the domestic yellow metal MCX (October Contract) gold observed strong buying and closed with formation of bullish kind of candle on daily chart suggesting consolidation with positive bias may continue. On the higher side the resistance at 72240-480/72670/73200 levels. On the downside, the support for the MCX Gold is seen at 71550-220/70890-700/70300 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 global macro factors including inflation in India and US," said the technical research analysts of Way2Wealth Brokers Private Limited.