Hyderabad: Gold rates in Hyderabad, other Indian cities, and globally fell on Thursday following the release of the US presidential election results.
Today, the December futures contracts for gold on MCX opened with a 0.37 percent decline at Rs 76,369 per 10 grams, while silver December futures contracts were trading 0.24 percent lower at Rs 90,601 per kg.
Gold rates in Hyderabad
In Hyderabad, the price of gold dropped by Rs 1,650 and Rs 1,790 for 22-carat and 24-carat gold, respectively. Following the decline, the rates reached Rs 72,000 and Rs 78,560 for 10 grams of 22-carat and 24-carat gold, respectively.
Below are the rates in various other Indian cities.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) |
| New Delhi | 72150 | 78710 |
| Kolkata | 72000 | 78560 |
| Mumbai | 72000 | 78560 |
| Hyderabad | 72000 | 78560 |
| Chennai | 72000 | 78560 |
Expert analysis
Pranav Mer, Vice President, EBG-Commodity & Currency Research at JM Financial Services, noted that gold and other commodities are trading in negative territory, impacted by a strong US dollar following Donald Trump’s presidential victory.
The focus now turns to the US Fed’s policy outcome and other economic data.
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“We expect further correction only if the support levels are breached and sustained; otherwise, prices may resume their upward trend. Resistance is seen at Rs 78,000 on MCX and $2,755 in the international spot”, he added.
Gold prices experienced intense volatility as the US election outcome strengthened the dollar index, which rose to 105.
A short-term bearish sentiment appears to prevail, with key resistance at USD 2,740 and support at USD 2,680, according to experts.
With inputs from IANS
