Gold Rates Crash Calms In Evening; Today 24K, 22K, 18K Gold Prices In Hyderabad; Silver Rates Rise

Gold rates in Hyderabad crashed sharply during the first half of April 6th but the downside calmed down majorly after crude oil prices declined due to reports signaling that mediators between the US and Iran are pitching for a 45-day truce for negotiations. Nonetheless, crude oil prices remain above $110 per barrel. Hence, the 100 grams gold price of 24 carats, which dropped by Rs 18,000 in the early hours of April 6th in Hyderabad, recovered some losses and is now lower by Rs 2,700 at the maximum front.

Gold Rates In Hyderabad:

10 grams gold price stood at Rs 1,50,660 per trams, reclaiming pivotal level after dropping below Rs 1.50 lakh mark in the early hours. This 24 carat gold price is now down by Rs 270. Further, 100 grams gold price in 24 carat is now down by Rs 2,700 to Rs 15,06,6000 compared to earlier decline of Rs 18,000 from previous day's price level of Rs 15,09,300.

8 grams gold price dipped by Rs 216 to Rs 1,20,528 in 24 carat, while 1 gram gold is down by Rs 27 to Rs 15,066.

Under 22 carat, gold rates in Hyderabad plunged by Rs 250 to Rs 1,38,100 per 10 grams, and is down by RS 2,500 to Rs 13,81,000 per 100 grams. Further, 8 grams gold slipped by Rs 200 to Rs 1,10,480 and 1 gram gold edged lower by Rs 25 to Rs 13,810.

In case of 18 carat, 10 grams gold plunged by Rs 210 to RS 1,12,990 and declined by Rs 2,100 to Rs 11,29,900 per 100 grams. Also, 8 grams gold is lower by Rs 168 to Rs 90,392 and 1 gram gold is down by RS 21 to Rs 11,299.

Silver Rates In Hyderabad:

Silver rates in Hyderabad, on the other hand, gained momentum with Rs 5,000 upside to Rs 2.60 lakh per 1Kg. Also, 100 grams silver is up by Rs 500 to 26,000 and 10 grams silver gained by Rs 50 to Rs 2,600. Additionally, 8 grams silver is up by 40 to Rs 2,080 and 1 gram silver is up by Rs 5 to Rs 260.

What Is Impacting Gold & Silver Prices?

As per Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold traded higher near $4700, gaining around $20, while MCX gold rose ₹1200 to ₹151000, supported by improving sentiment on US-Iran talks and slight cooling in crude prices.

Also, the bounce is largely driven by short covering and relief in risk sentiment, as initial diplomatic developments reduced immediate panic. However, the situation remains uncertain, with no clarity on Strait of Hormuz reopening, keeping underlying risks intact and inflation concerns elevated.

Going ahead, Trivedi added, "Technically, support is seen near Rs 149000, while resistance is placed around Rs 153500."

Overall, gold is expected to remain highly volatile, with direction dependent on further geopolitical developments and macro cues.

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