The yellow metal rates dipped in Hyderabad and other cities following the release of US CPI and retail sales data that eases the fear of the US slipping into recession, providing much-needed relief to gold buyers.
Aside from a dip in the gold rates to one-month low, the data rendered US Fed rate hike speculation meaningless.
Reasons for the rate drop
As the dollar strengthens and bond yields rise, investors are reducing their exposure to yellow metal and shifting their focus to more appealing investment options.
Gold is no longer viewed as an appealing investment option by investors, who now have better alternatives with higher returns.
Demand for the yellow metal has declined in Hyderabad and other Indian cities, despite the fact that rates were at an all-time high until recently. Many gold traders have reported sales declines.
Despite their demands for a reduction in import duties on yellow metal in order to increase sales, the union budget disappointed them because no change was implemented. The import duty of 15% remains unchanged.
Rates of gold in Hyderabad and other cities
In the domestic market too, the rates of the yellow metal are witnessing a dip. The rates are at one-month low in all cities in India.
The gold rates in Hyderabad for 24-carat and 22-carat have reached to Rs 56510 and Rs 51800 per 10 grams.
Though the yellow metal rates have dipped due to global reasons, market experts earlier predicted that the rates may touch Rs 60000 per 10 grams.
(This story has been sourced from a third-party syndicated feed, agencies. Raavi Media accepts no responsibility or liability for the text’s dependability, trustworthiness, reliability, and data. Raavi Media management/ythisnews.com reserves the sole right to alter, delete or remove (without notice) the content at its absolute discretion for any reason whatsoever.)
