Gold Rate in Hyderabad Crashes on June 20: 22K/100g Gold Falls Rs 5,500; Silver Down Too

Gold prices in Hyderabad fell significantly on Friday after two consecutive days of gains that pushed rates to record highs. The sharp correction in gold rates today came as the US dollar recovered and investors began profit booking after a surge in bullion prices that occurred due to escalating geopolitical tensions between Israel and Iran.

Despite the decline, 24-carat gold prices in Hyderabad remain above the crucial Rs. 1 lakh mark per 10 grams. Meanwhile, 22-carat gold rates have slipped to approximately Rs.92,000 per 10 grams. Experts suggest that global risk sentiment will continue to influence gold price movement in India over the coming days.

Gold Rate In Hyderabad

The 24-carat gold rate in Hyderabad declined by Rs. 600 per 10 grams, now priced at Rs. 1,04,800. Similarly, the 22-carat gold rate dropped by Rs 550 per 10 grams, to retail at Rs 92,100. The 18-carat gold price in Hyderabad also saw a similar drop, by Rs. 450 per 10 grams, to cost Rs. 75,360.

For higher quantities, 100 grams of 24-carat gold price decreased by Rs. 6,000, now priced at Rs. 10,048, while 100 grams of 22-carat gold fell by Rs. 5,500, now retailing at Rs. 9,210.

Gold losing its shine?

This week, gold prices have dropped three times and risen twice. The metal had recently surged to a record high amid escalating Israel-Iran tensions, but investors are now engaging in profit booking, leading to a correction in gold rates. Hyderabad Gold Price Today: 24k, 22k, 18k Rates Rebound After Dip From All-Time High; Silver Gains

"While we wait to see what happens next in the Israel-Iran confrontation, gold has slightly recovered and is consolidating around USD 3400. If the United States chooses to intervene directly in the battle, the geopolitical tensions may increase. The U.S. military has evacuated some ships and aircraft from Middle Eastern locations that could be attacked by Iran," said Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited.

"Interest rates were kept unchanged by the Fed on Wednesday. The rate cut pace was slowed, but Fed policymakers still expect to cut rates by half a percentage point this year. But as greater import tariffs loom, Fed Chair Jerome Powell warned against placing too much emphasis on this prediction, pointing to "meaningful" inflation in the future." Prithviraj further stated.

Silver Prices in Hyderabad Today

Silver prices in Hyderabad today fell sharply after three consecutive gains. Currently, 1 kg of silver costs around Rs. 120,000 after falling Rs. 2000 per kilogram. Similarly, the silver rate for 100 grams of silver fell by Rs. 200 to cost Rs. 12,000 on June 20.

Gold And Silver Future Prices On MCX

On the Multi Commodity Exchange (MCX), the gold futures for August 5th delivery slipped slightly by 0.85%, at Rs. 98,484 per 10 grams. Similarly, silver futures for the July 4th expiry extended losses of 2.17%, trading at Rs 1,05,061 at the time of writing.

"On the technical front, MCX Gold has been gaining momentum recently. It is trading above short-term moving averages on the daily chart, indicating strength. A bullish higher-high and higher-low pattern is also visible on the daily chart. Currently, support is placed at 98,670, while resistance is seen at 100,500-101,000. One can consider buying MCX Gold for a target of 100,500-101,000, with a stop-loss at 98,700." Abhishek M Pelu, Research Analyst at Way2Wealth Brokers Pvt. Ltd.

Spot Gold Prices + Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold slipped 0.8% to $3,333.99 an ounce, as of 0604 GMT, and was down 2.5% for the week so far. U.S. gold futures shed 1.4% to $3,361.80. While spot silver slipped 2.1% to $35.61 per ounce"

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