Hyderabad: Gold rates in Hyderabad dipped on Thursday, September 18, after surging for the past few days and reaching unprecedented highs.
The prices dipped after speculators cut positions following a firm recovery in the dollar.
MCX
On the Multi Commodity Exchange (MCX), gold futures for October delivery depreciated by Rs 612 or 0.56 per cent to Rs 1,09,210 per 10 grams.
The December contract also diminished by Rs 566 or 0.51 per cent to Rs 1,10,300 per 10 grams.
Silver prices weakened too. The white metal futures for December delivery slipped by Rs 604 or 0.48 per cent to Rs 1,26,380 per kilogram, while the March next year contract fell by Rs 630 or 0.49 per cent to Rs 1,27,985 per kg.
Apart from rates in Hyderabad and other cities in India, globally, gold futures for December delivery dropped by USD 28.05 or 0.75 per cent to USD 3,689.75 per ounce after hitting a record USD 3,744 in the previous session.
Silver futures were down 1.05 per cent at USD 41.71 per ounce, retreating from a 14-year high of USD 43.43 earlier this week.
A recovery in the dollar was witnessed after the US Federal Reserve’s cautious policy stance dampened bullion’s rally.
It said that economic activity moderated in the first half of the year, job gains slowed, unemployment edged up, while inflation remained somewhat elevated.
Gold rates in Hyderabad
As of Thursday, the price of 10 grams of 22-carat gold in Hyderabad declined to Rs 101900 whereas 24-carat gold declined to Rs 111170.
However, when compared to rates at the beginning of the year, when 22-carat gold was priced at Rs 71,500 and 24-carat gold at Rs 78,000, it is a jump of over 42 percent.
Hyderabad’s spike in gold rates is part of a nationwide trend, with other major cities like Mumbai, Delhi, and Bengaluru also witnessing substantial increases.
The further direction of the gold rates will mainly depend on the future US Fed rates and geopolitical tensions across the world, especially in the Middle East.
