The price of gold in Hyderabad has reached a four-month low, following recent changes in fiscal policy. As of Saturday, the cost of 22-carat gold has decreased to Rs 63,250 per ten grams, while 24-carat gold is priced at Rs 72,280. This represents a significant drop from the peak levels observed in April, when 22-carat gold was priced at Rs 63,350 and 24-carat gold at Rs 74,340.
The decline in gold prices comes on the heels of a major policy adjustment announced by Finance Minister Nirmala Sitharaman in her Union Budget presentation earlier this week. The basic customs duty on gold and silver has been reduced to 6 percent, a decision that has had an immediate effect on market prices.
Prior to this announcement, gold rates had surged, with 22-carat gold reaching a record high of Rs 68,750 and 24-carat gold climbing to Rs 75,000 per ten grams. This increase was driven by heightened demand for physical gold in China.
Also Read: Gold Rates Surge in Hyderabad
Silver prices have also seen a decrease. Last week, silver was trading at Rs 95,000 per kilogram but has now fallen to Rs 89,000.
The adjustment in customs duty is expected to continue influencing gold and silver prices in the coming weeks, reflecting a broader trend of volatility in the precious metals market.
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