In Hyderabad, yellow metal prices have fallen to a four-month low as a result of recent adjustments to fiscal policy. Twenty-two-carat gold was selling for Rs 63,250 per ten grams as of Saturday, while twenty-four-carat gold was marketed at Rs 72,280. From the april lows, when the price of 22-carat and 24-carat gold was Rs 63,350 and Rs 74,340, respectively, this is a significant decrease.
 
Following a large decrease in customs duties that Finance minister Nirmala Sitharaman announced earlier this week during her presentation of the Union Budget, this drop occurred. The reduction of the basic customs tariff to 6% on gold and silver has had an immediate effect on market pricing.
 
Due to the strong demand for physical gold in China, gold prices had peaked the week before this revelation, with 24-carat gold touching a record Rs 75,000 per ten grams and 22-carat gold reaching a record Rs 68,750.
 
In the meantime, silver prices have been declining as well. silver was trading at Rs 95,000 a kilogram last week, but it is now just at Rs 89,000. 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.
 
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Telangana Hyderabad

SIBY JEYYA

28/07/2024 09:47 AM