Today Gold India Rate, 2nd August 2023 | Gold Rate in Telangana, Hyderabad

Hyderabad: We will delve into the latest developments in the gold market in India on 2nd August 2023, with a particular focus on the gold rate in Telangana, Hyderabad, and other major cities. We will analyze the fluctuations in gold prices and explore the factors influencing these changes. So, if you’re curious about the gold market and how it affects your finances, keep reading!

As per the latest reports from various sources [1], [2], [3], the gold rates in Hyderabad were as follows:

• 22-carat gold rate: Rs 55,700 per 10 grams
• 24-carat gold rate: Rs 58,490 per 10 grams

As per the latest reports [1], the gold prices had experienced a slight dip in India. The cost of 10 grams of 24-carat gold was Rs 60,110, while the rate for the same quantity of 22-carat gold stood at Rs 55,100. However, this was not a cause for concern, as experts predicted that the gold market would soon bounce back.

The gold prices in Hyderabad were in line with other major cities in India, such as Delhi, Mumbai, Chennai, Kolkata, Vadodara, and Chandigarh. The fluctuations in gold rates were influenced by factors like the rupee-dollar exchange, international rates, import duties, and metal market movements. Gold investment remained popular in Hyderabad, with various options available like ETFs, mutual funds, stocks, derivatives, and digital gold.

1. Gold Prices Fall in India on August 2nd

On the second day of August 2023, gold prices witnessed a dip in India. The cost of 10 grams of 24-carat gold was Rs 60,110, while the rate for the same quantity of 22-carat gold stood at Rs 55,100. The decline in gold prices opened up new opportunities for investors and buyers alike.

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2. Gold Futures on MCX Show Positive Trends

Gold futures maturing on August 4, 2023, demonstrated a 0.57% increase at Rs 59,275 on the Multi Commodity Exchange (MCX) at 2:56 pm IST. Simultaneously, MCX silver futures for September 5 exhibited an upward trend, rising 0.55% at Rs 74,351 at 3:10 pm IST on the same day. The fluctuating gold futures offer an exciting prospect for traders and investors to make informed decisions.

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3. Global Gold Climbs Amid Weakened US Dollar

Globally, gold climbed on August 2nd, as the US Dollar weakened due to Fitch’s downgrade of the US’s triple-A credit rating. Spot gold rose by 0.3% at $1,949.29 an ounce as of 08:03 GMT, while US gold futures saw a 0.4% increase, reaching $1,986.30. The weakened US Dollar presented an opportunity for gold to shine as a safe-haven asset.

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4. Gold Rates in Major Indian Cities on August 2nd

Let’s explore the gold rates in major Indian cities on August 2nd. In the national capital, Delhi, the gold rate for 24-carat (10 grams) was Rs 60,260, while for 22-carat (10 grams), it stood at Rs 55,250. In Chennai, the price of 24-carat (10 grams) gold was Rs 60,550, and the rate for 22-carat was Rs 55,500. In Kolkata, 24-carat gold was priced at Rs 60,110, and 22-carat at Rs 55,100.

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5. Parity of Gold Prices in Mumbai, Hyderabad, and Other Cities

On August 2nd, the price of 10 grams of 22-carat gold in Mumbai was Rs 55,100, while 24-carat gold was at par, priced at Rs 60,110. The same parity was observed in Hyderabad, Kerala, Pune, and Bhubaneswar. In Vadodara, the rate for 24-carat (10 grams) gold was Rs 60,160, and 22-carat was Rs 55,150. Similarly, in Ahmedabad, Bangalore, Surat, and Mysore, both 22-carat and 24-carat gold were priced the same.

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6. Gold Prices in Chandigarh, Lucknow, Jaipur, and Noida

The price of 24-carat gold in Chandigarh was Rs 60,260, and for 22-carat, it was Rs 55,250, maintaining parity with gold prices in Lucknow, Jaipur, and Noida. These fluctuations in gold rates created opportunities for buyers and investors to make strategic decisions.

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7. Gold Trades in the Green Amid Dollar Weakness

On August 2nd, gold traded in the green as the US Dollar index (DXY) weakened, trying to recover after a sharp fall on the previous day. The indication of a soft landing for the US economy by the country’s Central Bank influenced the DXY, leading to an uptick in gold and silver future prices.

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8. Technical Analysis on Gold Futures

Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking, noted that bullion daily charts were attractive with potential upside movement. The Momentum Indicator RSI supported this outlook, indicating an opportune time for traders to buy gold and silver near given support levels.

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9. Expert Insights on Gold and Silver Futures

Market expert Anuj Gupta observed that MCX gold futures had declined by 0.57% on a month-to-date basis but had risen by 7.80% on the year-to-date (YTD) basis. On the other hand, silver futures had lost 1.97% in value terms on the first trading session in August but had gained 6.53% on the YTD basis.

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10. Gold Soars on Safe-Haven Demand

Gold prices soared on August 2nd due to safe-haven demand after Fitch downgraded the US’s triple-A credit rating. Spot gold rose by 0.2% at $1,946.97 per ounce, while US gold futures saw a 0.3% increase, reaching $1,984. The increased demand for gold as a safe-haven asset presents an opportunity for investors to secure their investments.

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11. Outlook for Gold Prices

Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research at Kotak Securities, expects gold prices to stay buoyed due to Fitch Ratings’ downgrade of the US government’s credit rating. He sees potential support at $1,935 – $1,900 and resistance at $1,965 – $1,975.

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12. Technical Analysis for MCX Gold

Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, believes that Comex gold has strong support at the $1940 level, with potential further decline to the $1933/$1925 level. He also identified resistance at $1970.

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13. Gold Price in Delhi-NCR Bullion Markets

The price of physical gold in bullion markets in Delhi-NCR was around Rs 60,700 per 10 grams, while that of silver.

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According to Praveen Singh – Associate Vice President, Fundamental Currencies and Commodities at Sharekhan, the upcoming US ISM non-manufacturing and nonfarm payroll report for July would be crucial for the metal’s performance. He also added that Fitch’s downgrade of the US government’s credit rating was supportive to the cause of gold in the near term.

Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking, highlighted the attractiveness of bullion daily charts, indicating the potential for upside movement in the near future. Traders were advised to make fresh buy positions in Gold and Silver near given support levels and book profits near resistance.

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We have delve into the latest developments in the gold market in India on 2nd August 2023, with a particular focus on the gold rate in Telangana, Hyderabad, and other major cities. The gold rates had fluctuated, providing opportunities for buyers and investors alike. The market was buoyant with optimism, with expectations of more positive trends in the days to come.