Following Finance minister Nirmala Sitharaman’s announcement of a reduction in basic customs tax on gold and silver during her seventh straight Union Budget presentation on Tuesday, prices of precious metals fell sharply in hyderabad and other locations.
The immediate effect of the reduction in the tariff on gold and silver to 6% is a change in pricing. Consequently, the prices of 22k and 24k gold in india decreased by Rs 2,750 and Rs 2,990, respectively, to Rs 67,450 and Rs 73,580 per 10 grams.
The price of 22k gold decreased by Rs 100 to Rs 67,690 per 10 grams earlier today, while the price of 24k gold decreased by Rs 100 to Rs 73,840 per 10 grams.
The price of silver in the city has dropped by Rs 3,500 today, to Rs 92,500 per kilogram.Additionally, a reduction in platinum duty of 6.4% has been announced. This action responds to a long-standing request by Hyderabad’s gem and jewellery sector.
It is anticipated that the lower customs duties will increase demand for these precious metals in india, offsetting the recent increase in prices brought on by reasons related to the world market.
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