Gold price dips. Check yellow metal rate in Hyderabad
Premium- 24 carat gold was quoted ₹48,630 per 10 gm today in Hyderabad while 22 carat gold was quoted ₹44,740 — ₹60 per 10 gm down from its Wednesday price
After rising by ₹50 per 10 gm on June 22 and remaining unchanged on 23rd June, gold price finally succumb to the negative mood of the bullion market and went down by ₹50 again today in Hyderabad. The 24 carat gold was quoted ₹48,630 per 10 gm today in Hyderabad while 22 carat gold was quoted ₹44,740 — ₹60 per 10 gm down from its Wednesday price.
Speaking on Gold price today in Hyderabad C Sreenivas Rao, President at India Bullion and Jewellers Association (IBJA) — Andhra Pradesh and Telangana chapter said, "Gold price today in Hyderabad for 24 carat is ₹48,630 per 10 gm while for 22 carat it is priced at ₹44,740 per 10 gm. The yellow metal price in Hyderabad was quoted at ₹50 lower for 24 carat gold while for 22 carat gold it was quoted ₹60 lower on yesterday. So, the bullion metals price has once again corrected after showing some strength in last two days."
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C Sreenivas Rao of IBJA went on to add that gold price in Hyderabad has tumbled more than rs 1700 in the last 10 days and hence it's a good buying opportunity for gold buyers.
Speaking on the gold price outlook; Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking Ltd said, "Gold prices have been hit hard last week, as the US Fed in its latest meeting has surprised the markets with its hawkish shift and projected rate increases as soon as 2023, which buoyed the dollar index and led to the steep decline of around six percent in the precious metal."
Sugandha Sachdeva went on to add that the Fed chair in his recent testimony has calmed the markets' nerves by his dovish sentiment that could underpin gold prices going forward. Fed Chair - Jerome Powell has maintained that the Fed would retain loose monetary policy until the recovery is complete, but did talk about removing some of the emergency support in coming months.
"As the market reassesses Fed's hawkishness, the trend in gold doesn't look very promising in the near term, still, the level of $1758 per ounce will provide a strong cushion to prices, while in the domestic markets as long as the level of Rs.46500/10gms holds on a closing basis, it looks to entice buying interest," Sugandha Sachdeva of Religare Broking concluded.
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