Hyderabad: The gold and silver rates in Hyderabad and other districts in India remained bullish this week.
The prices have been on a strong upward trend after the US Federal Reserve announced a 25-basis-point interest rate cut on December 10. Expectations of further rate cuts by the US Fed have been a major factor supporting bullion prices this year.
Gold, silver rates in Hyderabad this week
The price of 24-carat gold (10 grams) last Monday, December 8 was at Rs 1,30,420. It rose to Rs 1,34,730 today, December 15 and hit an all-time high.
Meanwhile, the silver rates in Hyderabad reflect the yellow metal’s journey. Today, it rose to Rs 2,13,000 per kg, up from Rs 1,98,000 last Monday.
In the domestic futures market as well, gold prices have seen an uptick.
On the Multi Commodity Exchange (MCX), gold February futures were trading 0.72 per cent higher at Rs 1,34,580 per 10 grams during early trade.
Silver March contracts also saw strong buying interest and climbed 1.36 per cent to Rs 1,95,466 per kg.
Views of analysts
Experts say gold prices are currently consolidating just below a crucial resistance zone, suggesting that the overall trend remains positive.
They note that gold continues to trade in an upward channel, with every dip attracting buyers.
According to them, support for gold is seen around the Rs 1,32,000 to Rs 1,31,000 range. If prices manage to break above the Rs 1,35,000 mark, gold could move higher toward the Rs 1,37,000 to Rs 1,40,000 levels in the coming sessions.
They point out that the broader bullish trend in silver too remains intact as long as prices stay above key support zones.
The future direction of gold and silver rates in Hyderabad and other cities will depend on various factors including interest rates, dollar value and demand for safe haven assets.
