Hyderabad Gold Prices, June 26: Gold Gets Cheaper, 22K/100 Grams Yellow Metal Falls By Rs 2500

As investors awaited U.S. inflation data which would be released later this week, gold prices in Hyderabad fell on Wednesday. Twenty-two-karat gold is currently selling for Rs 6,600 per gramme in Hyderabad, while twenty-four-karat gold is selling for Rs 7,200. These prices are lower than yesterday by Rs 25 and Rs 23, respectively.

For 10 grams of 22k of gold the price in Hyderabad today is at Rs 66,000 which was Rs 66,250 yesterday representing a fall of Rs 250. While 100 grams of 22k gold is priced at Rs 6,60,000 which is a cheaper rate of Rs 2,500 from Rs 6,62,500 yesterday for investors in Hyderabad.

In Hyderabad, 10 grams of 24k gold cost Rs 72,000 today, down from Rs 72,230 yesterday-a saving of Rs 230. In Hyderabad, buyers can get 100 grammes of 24k gold for Rs 7,20,000, down from Rs 7,22,300 yesterday-a savings of Rs 2,300.

In Hyderabad, the price of 10 grams of 18k gold is currently Rs 54,000, down from Rs 54,210 yesterday, signifying a Rs 210 reduction in its worth. Similarly, the price of 100 grammes of 18k gold is currently Rs 5,40,000 for buyers in Hyderabad, down from Rs 5,42,100 yesterday, signifying a Rs 2,100 lower in the value of the yellow metal.

Today's focus will be on US building permits and data on new home sales, which will likely have an impact on the price of gold. This week, it will be crucial to monitor US GDP and inflation numbers in addition to the Fed comments. The U.S. first-quarter GDP figures on Thursday and the PCE price index report on Friday, which are expected to cause global gold prices to fluctuate due to strong dollar and Treasury yields amidst traders will also be watching for key U.S. inflation data despite geopolitical tensions.

Gold Price Outlook

"Technically, the domestic GOLD observed 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 71140/70870-780 levels. Breakdown of 70780 can test at 70220/69950 levels. The resistance will be at 71750/72200-970/73200 levels. Technically the short trend on GOLD is likely to remain consolidation mode with positive bias and traders are advised to trade with strict stoploss as volatility may remain high. Keep an eye on the upcoming PCE Price Index, the Fed's preferred inflation measure, which could impact rate cut expectations," said the technical research analysts of Way2Wealth Brokers Private Ltd.

Gold Price Forecast Today

"Gold prices are expected to pullback till 71600-71650. One can sell with a stop loss of 71850," said N.B. Commodity Research (A Division of Nirmal Bang Commodities Pvt. Ltd).

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.