Gold Prices Hyderabad, Sept 3: Check Latest Yellow Metal Prices After 3-Days Decline

The U.S. dollar appreciated on Tuesday, which kept Hyderabad's gold prices stable. Investor attention will now be focused on this week's important economic data releases for signals about the Federal Reserve's likely strategy for rate cuts. The price per gramme of 22-carat yellow metal in Hyderabad is Rs 6,670. The price per 10 grams of 22-carat gold is Rs 66,700. 100 grams of 24-carat precious metal were priced at Rs 7,27,700 today, while the price of 24-carat gold remained stable at Rs 72,770/10 grams.

The price of 10 grams of 18-karat gold remained unchanged today at Rs 54,570, while the price of 100 grams of 18-carat yellow metal stood at Rs 5,45,700. The price of one gramme of 22-karat gold was unchanged today at Rs 6670, while the price of one gramme of 24-karat gold reached Rs 7277. The current retail price of one gram of 18k gold is Rs 5457.

"Markets are anticipating the Fed's first rate cut of the cycle at its September meeting, with a 69% probability of a 25-basis-point reduction and a 31% chance of a 50 bp cut, according to the CME FedWatch tool. A stronger dollar, which makes gold pricier for foreign buyers, and the prospect of lower rates, which reduce the opportunity cost of holding gold, continue to weigh on the metal," said Prathamesh Mallya DVP Research (Non-Agro Commodities & Currency) at Angel One.

Today's focus will be on US Manufacturing PMI. Additionally, market players will be watching US factory orders and jobs data that is anticipated for later this week. Following investors' anticipation of a plethora of U.S. economic data points to determine the extent of the Federal Reserve's anticipated interest rate cut this month, each of these factors may cause the gold rates to rebound.

Silver Price In Hyderabad Today

Silver currently costs Rs 90.90 per gramme and Rs 90,900 per kilogramme in Hyderabad. The price of silver in Hyderabad varied between Rs. 91,700 to Rs. 92,000 in August. August 27 marked the highest price of Rs. 93,500 for silver in Hyderabad throughout the month, while August 8 had the lowest price of Rs. 86,500.

MCX Gold Outlook

"Technically, the domestic yellow metal MCX (October Contract) gold traded in tight range and closed with formation of small bearish kind of candle on daily chart suggesting consolidation may continue. On the higher side the resistance at 71900/72480/72670- 850/73190-73670 levels. On the downside, the support for the MCX Gold is seen at 71190//70890/70300 levels. Technically the short-term trend on GOLD is likely to remain consolidation and traders are advised to trade with strict stoploss ahead of Inflation and NFP data," said the analysts of Way2Wealth Brokers Private Limited.

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.