Hyderabad: Gold rates in Hyderabad and other cities will go up further if the US Federal Reserve hikes the interest rates by 25 basis points (bps) or lower along with “non-visible” or “hawkish” speech, a research analyst said.
“Any hike in line with 25 basis points or lower along with non visible or hawkish speech will be strongly positive for Gold and levels of 2040-2050 in Comex and 61500 odd will be seen in coming days,” said Jateen Trivedi, VP, Research at LKP Securities.
On the flip side, any higher hike than 25 bps with “hawkish” speech shall bring Comex Gold back to $1,940-odd levels and Rs 57,000 in MCX which shall again act as buying bets, he added.
Gold has been giving strong returns since 2019
Trivedi said the yellow metal has been giving strong returns since 2019.
The gold rates were at Rs 31,000/10 grams and have now crossed Rs 60,000 in Hyderabad and other cities giving nearly 100 per cent returns in the last four years.
He said the gold rates have also been surpassing major volatile events like the trade war since 2019, Covid-19, and the Russia-Ukraine war.
This year, Gudi Padwa is being celebrated even as gold rates are headed for historic highs in the Indian markets, said Somasundaram PR, Regional CEO, India at World Gold Council.
“As economic growth influences demand significantly and this gets reflected in gold purchases on such auspicious days, demand is poised for good growth in 2023,” he said.
“Price pressures could keep rural demand subdued. Urban buying and digital gold accumulations which permit flexible low-ticket sizes could be emerging stories during this festive season,” Somasundaram added.
Gold rates in Hyderabad
Today, the gold rates in Hyderabad once again crossed Rs 60000-mark. A 10-gram of 24-carat gold costs Rs 60010 whereas, a 22-carat gold rate is Rs 60000.
| Gold rates as on | 22-carat (10 grams) | 24-carat (10 grams) |
| March 22 | Rs. 55,010 | Rs. 60,010 |
In the current month, the gold rates in Hyderabad surged by more than 6 percent. However, in the last month, the rates have dipped by nearly 3 percent.
With inputs from IANS
