Telangana Hyderabad - Gold Rates jump due to expectations of fed rate cut
In hyderabad, gold prices have risen to almost two-week highs on anticipation of a september interest rate drop from the Federal Reserve. The yellow metal's price increased by more than 0.9 percent today.
Current gold rates in Hyderabad
After this increase, the current prices of 10 grams of 24-carat and 22-carat yellow metal reached Rs 73,090 and Rs 67,000 respectively.
Following are the current rates in the metro cities:
After this increase, the current prices of 10 grams of 24-carat and 22-carat yellow metal reached Rs 73,090 and Rs 67,000 respectively.
Following are the current rates in the metro cities:
On june 21, hyderabad reported two-week high gold prices of Rs 73,250 for 10 grams of 24-carat gold and Rs 67,150 for 22-carat gold.
Given that india is a net importer of gold, global market factors, especially federal rates, largely determine the precious metal's price.
Given that india is a net importer of gold, global market factors, especially federal rates, largely determine the precious metal's price.
Why is the fed rate cut expected?
In light of recent US data that suggests the labor market is deteriorating, expectations are building for a september rate decrease by the Federal Reserve.
The US labor market is cooling as more people applied for unemployment benefits for the first time in the US during the last week.
The drop in the value of the dollar after the release of US economic statistics is another factor driving up the price of gold in hyderabad and other cities.
Whether the US Federal Reserve will lower interest rates in september is still up in the air.
The US labor market is cooling as more people applied for unemployment benefits for the first time in the US during the last week.
The drop in the value of the dollar after the release of US economic statistics is another factor driving up the price of gold in hyderabad and other cities.
Whether the US Federal Reserve will lower interest rates in september is still up in the air.