Hyderabad Gold Price Today: 24K/100 Grams Yellow Metal Falls By Rs 2700 After Rising Rs 4,900 In 2 Days

Hyderabad's gold prices fell on Friday after an unexpected fall of U.S. producer price data following a two-day spike in yellow metal prices of Rs 4,900 from June 11 to June 12. In Hyderabad, the cost of 22-karat gold is now Rs 6,590 per gramme, while 24-karat gold is priced at Rs 7,189 per gramme. In Hyderabad, the price of one gramme of 22k gold is currently Rs 6,590, down Rs 25 from Rs 6,615 yesterday. 10 grams of 22k of gold in Hyderabad is priced at Rs 65,900 which is a fall of Rs 250 from Rs 66,150 yesterday. 100 grams of 22k yellow metal is priced today at Rs 6,59,000 in Hyderabad today which is a fall of Rs 2,500 from Rs 6,61,500 yesterday.

1 gram of 24k of gold in Hyderabad is priced at Rs 7,189 today which was Rs 7,216 yesterday which is a fall of Rs 27. For 10 grams of yellow metal, gold buyers will need to pay Rs 71,890 in Hyderabad today which was Rs 72,160 yesterday which is a fall of Rs 270. 100 grams of 24k of gold is priced today at Rs 7,18,900 in Hyderabad today which was Rs 7,21,600 yesterday representing a fall of Rs 2,700.

In Hyderabad, the price of 18k of 10 grams of gold is currently Rs 53,920, down Rs 203 from Rs 54,123 yesterday. Hyderabad's silver prices also continued to decline today, with 100 grams of silver costing Rs 9,500, down from Rs 9,520 yesterday-a drop of Rs 20.

On Friday, the domestic gold market saw a significant drop in prices as investors awaited the release of the Federal Reserve's interest rate policy update and the U.S. consumer inflation statistics.

Commenting on the outlook of gold, Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One said, "The market is divided on potential rate cuts this year following strong U.S. labor reports, with focus on policymakers' economic projections and Chair Jerome Powell's remarks. Additionally, robust U.S. jobs data and China's central bank pausing gold purchases led to the largest daily drop in bullion prices since November 2020 last week. Gold is likely to see volatile moves as investors digest U.S. consumer inflation data and the Federal Reserve's interest rate policy commentary."

Gold Price Forecast India

"Technically the domestic GOLD witnessed profit booking as well as selling pressure and closed with formation of bearish candlestick pattern on daily chart suggesting consolidation may continue. On the downside, the support for the MCX Gold is seen at 70870-780 levels. Breakdown of 70780 can test at 70220/69950 levels. The resistance will be at 71750/71900-72330 levels. Technically the short trend on GOLD is likely to remain in consolidation mode and traders are advised to trade with strict stoploss as volatility may remain high," said the research analysts of Way2Wealth Brokers Private Limited.

"Gold prices are expected to correct. One can sell at 71600 with a stop loss of 71900 for the target at 71100-70800," N.B. Commodity Research (A Division of Nirmal Bang Commodities Pvt. Ltd) said in a note.

Disclaimer

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