Hyderabad Gold Price Today: 24k, 22k, 18k Rates Rebound After Dip From All-Time High; Silver Gains

On Wednesday morning, the gold price in Hyderabad surged after a huge decline for the last days this week. Gold rates today are shining once again near the record high level mainly because of the escalating geopolitical tension between Israel and Iran where both the countries are launching missile strikes on each other.

The 24-carat gold rate in Hyderabad surged by Rs. 540 per 10 grams, now priced at Rs. 1,00,910. Similarly, the 22-carat gold rate rose by Rs 500 per 10 grams, to retail at Rs 92,500. The 18-carat gold price in Hyderabad also saw a similar rise, increasing by Rs. 410 per 10 grams to cost Rs. 75,690.

For larger quantities, the price surge was even higher. 100 grams of 24-carat gold saw a jump of Rs. 5,400, now priced at Rs. 10,09,100, while 100 grams of 22-carat gold increased by Rs. 5,000, now retailing at Rs. 9,25,000.

Sharp Rally In The Gold Market

Gold prices in Hyderabad have surged over the entire last week, taking the gold rate back to a record level. However, in the last two days, gold prices dropped due to profit booking but have surged once again today as the Israel-Iran conflict continues to influence the safe haven. Additionally, the US Federal Reserve policy decision is awaited today, and a change in the rate will impact billions significantly ahead.

ICICI Direct, in its bullion report, said that Spot Gold is expected to hold the support near $3360 and move towards $3430 amid safe haven buying. Escalating geopolitical tension between Israel and Iran would support the bullion to hold its ground. Further, US President Donald Trump demanded Iran's "unconditional surrender" and directly threatened its supreme leader. All focus will remain on developments in Iran and the US. Furthermore, investors will focus on today's FOMC policy and economic projections from the US Fed."

Spot Gold Price and Spot Silver Price

As per Reuters, "Spot gold was down 0.2% at $3,381.10 an ounce, as of 0647 GMT. U.S. gold futures also eased 0.2% to $3,399.30. Spot silver fell 0.2% to $37.14 per ounce."

Market Experts Predict Continued Rise in Gold Prices: Outlook

"Gold dipped to around $3,380/oz as a stronger dollar outweighed safe-haven demand stemming from Middle East tensions. Focus shifted to the Fed's upcoming policy decision, with rates expected to remain unchanged. Meanwhile, a WGC survey showed that 95% of central banks expect global gold reserves to rise. 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 98,350, 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." Way to Wealth Brokers Pvt Ltd stated

Silver Prices in Hyderabad Today

Silver prices in Hyderabad today Have registered massive gains in the last two days. Currently, 1 kg of silver costs around Rs. 121,000 after jumping Rs. 1000 per kilogram. Similarly, the price for 100 grams of silver was spiked by Rs. 100 to cost Rs. 12,100 on June 18th.

Gold And Silver Future Prices On MCX

On the Multi Commodity Exchange (MCX), the gold futures for August 5th delivery slipped slightly by 0.37%, at Rs. 99,168 per 10 grams. On the contrary, silver futures for the July 4th expiry extended gains of 0.24%, trading at Rs 1,09,257 at the time of writing.

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