Gold prices in Hyderabad and other cities will rise 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.
Any higher hike than 25 bps with a “hawkish” speech, on the other hand, will send Comex Gold back to $1,940-odd levels and Rs 57,000 in MCX, acting as buying bets, he added.
According to Trivedi, the yellow metal has been providing strong returns since 2019.
Gold prices were at Rs 31,000/10 grams and have now surpassed Rs 60,000 in Hyderabad and other cities, providing nearly 100 per cent returns in the last four years.
He also stated that gold prices have surpassed major volatile events such as the trade war since 2019, Covid-19, and the Russia-Ukraine war.
This year, Gudi Padwa is being celebrated even as gold rates in Indian markets approach historic highs, 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.
Today, gold prices in Hyderabad surpassed Rs 60000 once more. A gram of 24-carat gold costs Rs 60010, while a gram of 22-carat gold costs Rs 60000.
In the current month, the gold prices in Hyderabad surged by more than 6 percent. However, in the last month, the rates have dipped by nearly 3 percent.
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