Strong Rally In Gold Prices Of Hyderabad On Nov 19; 24K/10 Grams Up By Rs 7,600; Silver Above Rs 1,00,000

Gold prices in Hyderabad witnessed a huge rally on November 19, as the feud between Russia and Ukraine escalated further. On Tuesday, 24K of 100 grams of gold jumped by as much as Rs 7,600 in a single day. A big surge was seen in silver too with 1 kg of this precious metal up by Rs 2,000. Gold and silver prices have so far been higher since the start of the week.

Gold Prices In Hyderabad:

24K Gold Prices: 100 grams of gold is up by Rs 7,600 to Rs 7,70,700, while 10 grams of gold is higher by Rs 760 to Rs 77,070.

22K Gold Prices: Here, 100 grams of gold soared by Rs 7,000 to Rs 7,06,500, and that of 10 grams of gold price climbed by Rs 700 to Rs 70,650.

18K Gold Prices: Additionally, gold price in Hyderabad is up by Rs 5,800 to Rs 5,78,100 in 100 grams on November 19, while gold jumped by Rs 580 to Rs 57,810 in 10 grams.

Gold Prices In Hyderabad In Last 10 Days:

This is the second consecutive surge in gold prices in this city. Prior to the Rs 7,600 jump on November 19, gold price in Hyderabad for 24k/100 grams was up by Rs 6,600 on November 18, while prices were muted on November 17. Last week, gold price was down by Rs 1,100 on November 16, but up by Rs 1,100 on November 15. However, gold saw steep decline of Rs 12,000 on November 14, followed by back-to-back declines of Rs 4,400 on November 13, of Rs 14,700 on November 12, and of Rs 6,000 on November 11, 2024. Gold prices were muted on November 10.

Silver Prices In Hyderabad:

1kg silver price skyrocketed by Rs 2,000 and crossed over Rs 1,00,000 mark. Currently, 1kg silver is at Rs 1,01,000. Further, 100 grams and 10 grams of silver edged higher by Rs 200 and Rs 20 to Rs 10,100 and Rs 1,010 respectively. 8 grams of silver is up by Rs 16 to Rs 808, and 1 gram of silver is the cheapest at Rs 101 up by Rs 2.

MCX Gold, Silver Prices:

MCX gold futures with December expiry is up by Rs 329 or 0.44% to trade at Rs 75,376 per 10 grams. The bullion was near its intraday high of Rs 75,450 per 10 grams.

Meanwhile, MCX silver futures with December expiry is at Rs 90,952 up by Rs 439 or 0.49%. The silver crossed Rs 91,000 to hit an intraday high of Rs 91,100.

According to Rahul Kalantri, VP of Commodities, Mehta Equities, gold and silver rallied on Monday, buoyed by heightened geopolitical tensions and dollar profit-taking. Russia's weekend strikes on Ukrainian power facilities and President Biden's approval of Ukraine's use of U.S.-supplied missiles added to the uncertainty. A Goldman Sachs report projecting gold to reach $3,000 per ounce by December 2025 further lifted sentiment. However, concerns over potential delays in Fed rate cuts may temper gains.