Budget: Gold, silver prices in Hyderabad see major dip following customs duty reduction

The duty on gold and silver has been reduced to 6 per cent, leading to an immediate impact on prices.

Hyderabad: Gold and silver prices dropped significantly across Hyderabad and other cities as Finance Minister Nirmala Sitharaman announced a reduction in basic customs duty on these metals in her seventh consecutive Union Budget presentation on Tuesday.

The duty on gold and silver has been reduced to 6 per cent, leading to an immediate impact on prices. As a result, 22k gold prices in India dropped by Rs 2,750 to Rs 67,450 per 10 grams, and 24k gold prices fell by Rs 2,990 to Rs 73,580 per 10 grams.

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Earlier today, 22k gold prices had declined marginally by Rs 100 to Rs 67,690 per 10 grams, while 24k gold prices dropped by Rs 100 to Rs 73,840 per 10 grams.

The rate of silver in the city is currently Rs 92,500 per kg, having declined by Rs 3,500 today.The duty reduction on platinum has also been announced, now set at 6.4 per cent. This move addresses a long-standing demand from the gems and jewellery industry in Hyderabad.

The reduction in customs duty is expected to boost demand for these precious metals in India, countering the recent surge in rates due to global market factors.