Gold prices in Hyderabad continue to witness a massive decline. Extending a losing streak for the sixth consecutive day, gold prices dropped as much as Rs 12,000 on Thursday, November 14, 2024. This tracks the decline in international prices as dollar and treasury yields strengthen, making non-yielding assets like gold less attractive. Also, in India, gold prices will be fuelled by wedding season, RBI's upcoming policy outcomes, and a slew of economic data.
Gold Prices In Hyderabad:
24K Gold Prices: 100 grams of gold dipped by Rs 12,000 to Rs 7,56,500, while 10 grams of gold is at Rs 75,650 lower by Rs 1,200. Further, 8 grams and 1 gram of gold is at Rs 60,520 and Rs 7,565, down by Rs 960 and Rs 120 respectively.
22K Gold Prices: Here, 100 grams of gold is available at Rs 6,93,500, down by Rs 11,000. Further, 10 grams of yellow metal slipped by Rs 1,100 to Rs 69,350, while 8 grams of yellow metal is lower by Rs 880 to Rs 55,480, and lastly 1 gram, the price stood at Rs 6,935 per 1 gram lower by Rs 110.
18K Gold Prices: Furthermore, 18K gold prices in 100 grams slipped by Rs 9,000 to Rs 5,67,400, followed by a decline of Rs 900 to Rs 56,740 in 10 grams. Also, 8 grams of gold divided by Rs 720 to Rs 45,392, and 1 gram of yellow metal is down by Rs 90 to Rs 5,674.
Gold Prices In Hyderabad For Past 10 Days:
Apart from the decline on November 14, 24K/100 grams fell by Rs 4,400 on November 13, following a huge decline of Rs 14,700 on November 12, and Rs 6,000 on November 11. The prices were unchanged on November 10, but down by Rs 1,100 on November 9.
Gold prices did see a jump of Rs 9,100 on November 8, after nosediving by Rs 17,900 on November 7. But soon they entered into red territory. Earlier, gold prices were up by Rs 1,100 on November 6th, but down by Rs 1,600 on November 5th, and muted on November 4th.
Silver Prices In Hyderabad:
1Kg silver fell by Rs 2,000 to Rs 99,000, while 100 grams and 10 grams of silver were lower by Rs 200 and Rs 20 to Rs 9,900 and Rs 990 respectively. Additionally, 8 grams of gold is lower by Rs 16 to Rs 792 and 1 gram is down by Rs 2 to Rs 99.
MCX Gold, Silver Futures:
MCX gold futures with December expiry dipped by Rs 729 or 0.98% to Rs 73,753 per 10 grams, which was near its day's low of Rs 73,672 per 10 grams. The day's high is priced at Rs 73,996 per 10 grams.
Additionally, MCX silver futures with an expiry date in December, tumbled by Rs 1,306 or 1.46% to trade at Rs 87,891 per 1kg. The is near its day's low of Rs 87,777 per 1kg. This silver did touch an intraday high of Rs 89,000 per 1kg.
Should You BUY or Sell Gold, Silver?
In its technical report, for MCX gold and silver, Nirmal Bang said, gold prices are expected to test 74000. One can buy at 74000 for a pullback till 74350-74600 with a stop loss of 73700. Traders can also sell from 74850 with a stop loss of 75100.
For silver, the brokerage said, silver prices are expected to rise. One can buy at 88500 with a stop loss of 87700 for the target at 89500-90000.
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