Gold Prices Rise in Hyderabad on July 31; Check Latest Rates

Gold prices in Hyderabad moved higher on Friday, July 31, tracking a rebound in international markets. The uptick comes after a period of subdued spot demand, which had pressured futures earlier in the week.

Domestic and Global Cues

On the Multi Commodity Exchange (MCX), gold futures had dropped to Rs 1,44,022 per 10 grams on weak spot demand earlier. However, a recovery in global spot gold and silver prices provided a fresh boost to domestic rates.

Market participants noted that the rise was supported by renewed buying from retailers and jewellers. In Delhi, gold climbed Rs 300 per 10 grams, while silver remained flat, indicating a cautious but positive sentiment in the bullion trade.

Hyderabad Rates for 24k and 22k Gold

In Hyderabad, the price for 24-carat gold (999 purity) rose to Rs 1,44,220 per 10 grams, up from the previous close. The 22-carat variant, commonly used in jewellery, was quoted at around Rs 1,32,202 per 10 grams.

Rates for 20-carat and 18-carat gold also saw marginal increases, in line with the broader trend. These finer variants are often preferred for lightweight and everyday ornaments.

Silver Holds Steady

Silver prices in Hyderabad remained unchanged, with the metal trading near its previous day's level. The flat movement reflects a lack of fresh triggers in the industrial metal segment, even as gold gained ground.

Globally, spot silver rose in tandem with gold, but the domestic market showed a lag, possibly due to subdued offtake from industrial buyers.

What's Driving the Sentiment

The rebound in international prices comes after a recent dip, which had been driven by profit-booking and a stronger dollar. However, renewed safe-haven buying and expectations of a softer interest rate trajectory have supported the yellow metal.

Jewellers in Hyderabad reported steady footfall, with customers preferring to buy smaller denominations. Analysts say the current price levels are attracting retail investors who had been waiting on the sidelines.

Market watchers will now look to upcoming US economic data for further direction. A weaker-than-expected jobs report could push gold higher, while robust data may cap gains.

For now, traders advise keeping an eye on global spot rates and the rupee-dollar movement, as these will determine the next leg of price action in the domestic market.