Hyderabad Gold Rates Today Crash By Rs 40,000 After 6 Days, Silver Rate Falls By Rs 10,000: 24K, 22K, 18k Gold

Gold rates in India crashed for the first time after six consecutive days positive momentum. On April 2nd, 24 carat gold rate dropped by nearly Rs 40,000 in 100 grams and Rs 4,000 in 10 grams. Furthermore, a decline was seen in silver rates as well. However, in a city like Hyderabad, silver fell the most by Rs 10,000 in 1Kg and 100 grams was down by Rs 298 to Rs 39,800. The bullion's latest decline is attributed to the weaker global cues as spot gold price dropped by at least 4% and spot silver crashed by 5-6%.

Gold Rates In India:

Spot gold nosedived by 4% to struggle around $4,580 per ounce and spot silver crashed below $72 per ounce with decline ranging from 5-6%. This comes after US President Donald Trump in his latest speech did not shed any light related to plans for ending Operation Fury against Iran.

Instead, Trump stated that US military actions could intensify in the next two to three weeks in Middle East, although, their core strategic objectives in Iran was approaching to completion.

Another reason for decline is gold is US dollar which strengthened by over 100 mark. As per Trading Economics, the greenback has recently emerged as a safe-haven asset, putting pressure on dollar-denominated precious metals. Oil prices also resumed their advance, reinforcing inflation concerns and expectations of tighter monetary policy.

Now, market participants have most likely priced out the probability of rate cut and are cautious due to rate hike expectations from central banks.

"Gold traded sharply weak, falling ₹5000 to ₹149000, pressured by rupee strength and selling in COMEX towards $4625. The decline was driven by profit booking, as Trump's speech indicated a more aggressive stance on Iran if no deal is reached, increasing uncertainty. Key international support is seen near $4450-$4500, while resistance is placed around $4800," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Gold Prices In India Outlook:

Going ahead, Trivedi believes markets now focus on US jobless claims today, with major triggers from Non-Farm Payrolls and unemployment data tomorrow.

Also, gold is expected to remain highly volatile, with gap risk on Monday due to global markets being shut on Good Friday.

Gold Rates In Hyderabad:

24 Carat Gold Rates Today: 24 carat gold rates dropped by Rs 3,980 to Rs 1,48,970 per 10 grams and nosedived by Rs 39,800 to Rs 14,89,700 in Hyderabad. Also, 8 grams and 1 gram gold dipped by Rs 3,184 and Rs 398 to Rs 1,19,176 and Rs 14,897.

22 Carat Gold Rates Today:

Further, under 22 carat, 100 grams gold price plunged by Rs 36,500 to Rs 13,65,500 and 10 grams gold slipped by Rs 3,650 to Rs 1,36,550. Also, 8 grams gold price dipped by Rs 2,920 to Rs 1,09,240 and 1 gram gold is down by Rs 365 to Rs 13,655.

18 Carat Gold Rates Today:

Here, 10 grams gold price declined by Rs 2,980 to Rs 1,11,730 and 100 grams gold price tumbled by Rs 29,800 to Rs 11,17,300. Moreover, 8 grams gold dropped by Rs 2,384 to Rs 89,384 and 1 gram gold is down by Rs 298 to Rs 11,173.

Silver Rates In Hyderabad:

In majority of cities, 1Kg silver rate plunged by Rs 5,000 to Rs 2.50 lakh, but in Hyderabad, silver was down by Rs 10,000 on April 2nd. Despite this, 1Kg silver is still expensive in Hyderabad to Rs 2.55 lakh.

Additionally, 100 grams and 10 grams silver price dropped by Rs 1,000 and Rs 100 to Rs 25,500 and Rs 2,550 in Hyderabad. 8 grams silver is lower by Rs 80 to Rs 2,040 and 1 gram silver is down by Rs 10 to Rs 255.

Disclaimer:The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.