Gold Rate In Hyderabad Today: 24K/100 Gram Gold Slips Rs 8,700; Dip Rs 9,800 So Far In August

Amidst a broader market sell-off propelled by escalating economic fears, gold rates are in a gloomy mood. In Hyderabad, the cost of 22-karat gold is now Rs 6,390 per gramme, while the cost of 24-karat gold is Rs 6,971 per gramme. In Hyderabad, 10 grams of 22k gold now cost Rs 63,900, down from Rs 64,700 yesterday-a drop of Rs 800. The price of 100 grams of 22k gold in Hyderabad dropped by Rs 8,000 in a single day, to Rs 6,39,000 today from Rs 6,47,000 yesterday.

24k of 10 grams of gold is priced at Rs 69,710 in Hyderabad today which was Rs 70,580 representing a cheaper rate of Rs 870 while 24k of 100 grams of gold in Hyderabad is priced at Rs 6,97,100 which was Rs 7,05,800 yesterday which is a fall of Rs 8,700 in a single day.

The price of 24-karat gold has dropped by Rs 9,800 in Hyderabad so far in August.

Meanwhile, 18k of 10 grams of gold is priced at Rs 52,280 in Hyderabad today down by Rs 660 from Rs 52,940 yesterday while 100 grams of 18k gold is priced at Rs 5,22,800 today which was Rs 5,29,400 yesterday representing a cheaper rate by Rs 6,600.

However, silver prices have also fallen in Hyderabad today due to a downturn in major economies' industrial activity. In Hyderabad, the price of 100 grams of silver is Rs 8,750 today compared to Rs 9,100 yesterday, a drop of Rs 350.

Spot Gold Outlook

"Spot gold is expected to regain its strength and rise back towards $2445 level on weakness in dollar and safe haven buying. Dollar is moving south as recent Job data heighten fears that labor market is deteriorating. Recent economic numbers from US has raised expectations that the Federal Reserve will start cutting interest rates in September. As per CME Fed-Watch tool, traders are now pricing in a 74% probability that the Fed will cut rates by 50 basis points in September. Additionally, demand for safe haven may increase on escalating tension in the Middle East. Gold is likely to rise back towards $2445 level as long as it stays above $2390 level (20-Day EMA)," said ICICI Direct Research in a note.

MCX Gold Price Prediction

"MCX Gold Oct is expected to hold the support near 68,800 level and rise back towards 70,200 level. A break above 70,200 level prices may rally further towards 70,500 level," the brokerage firm ICICI Direct Research said.

MCX Silver Price Prediction

"MCX Silver September is expected to find the floor near 78,500 and rise back towards 81,500 level," ICICI Direct Research commented.

Gold Rate Prediction In India

"Technically, the domestic yellow metal MCX (October Contract) gold closed with the formation of bearish candle on the daily chart suggesting consolidation with negative bias may continue. On the higher side the resistance at 69825/70450/70700/71475 levels. On the downside, the support for the MCX Gold is seen at 68240/67940-700/66500-200/65850-65000 levels. Technically the short trend on GOLD is likely to remain in consolidation mode with negative bias and traders are advised to trade with strict stoploss as volatility may remain high," said the research analysts of Way2Wealth Brokers.

Disclaimer

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