Gold prices in Hyderabad hit four-month low

As of Saturday, the price for 22-carat gold per ten grams stood at Rs 63,250, while 24-carat gold was priced at Rs 72,280.

Hyderabad: The price of yellow metal in Hyderabad has plummeted to a four-month low, following recent fiscal policy changes.

As of Saturday, the price for 22-carat gold per ten grams stood at Rs 63,250, while 24-carat gold was priced at Rs 72,280. This marks a notable decline from the April lows, when 22-carat gold was priced at Rs 63,350 and 24-carat at Rs 74,340.

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This drop comes in the wake of a significant reduction in customs duty announced by Finance Minister Nirmala Sitharaman during her Union Budget presentation earlier this week. The basic customs duty on gold and silver has been lowered to 6 per cent, a move that has immediately impacted market prices.

Before this announcement, gold rates had peaked the previous week, with 22-carat gold reaching a record Rs 68,750 and 24-carat gold hitting Rs 75,000 per ten grams, driven by high demand for physical gold in China.

Meanwhile, Silver prices have also followed a downward trajectory. Last week, silver was trading at Rs 95,000 per kilogram but has since dropped to Rs 89,000.