Hyderabad: The rates of gold and silver in Hyderabad and other cities are likely to decline as Finance Minister Nirmala Sitharaman proposed a reduction in basic customs duty on the metals on Tuesday.
The duty on gold and silver has been reduced to 6 percent. In the case of platinum, it is reduced to 6.4 percent.
Long-pending demand
The reduction in basic customs duty on gold, silver, and platinum has been a long-pending demand of the gems and jewellery industry in Hyderabad and other cities.
The duty cut is likely to increase demand for the precious metals in India, as a surge in rates due to global factors was impacting sales.
Current gold, silver rates in Hyderabad
As of July 23, the prices of 22-carat and 24-carat gold per 10 grams in the city are Rs. 67,450 and Rs. 73,580, respectively.
On the other hand, the rate of silver in the city is currently Rs. 95,600 per kg, having declined by Rs. 400 today.
Following are the current rates of gold and silver in various cities.
| Indian cities | 22-carat gold rates of 10 grams (in Rs) | 24-carat gold rates of 10 grams (in Rs) | Silver rates of one kg (in Rs) |
| New Delhi | 67600 | 73730 | 91100 |
| Kolkata | 67450 | 73580 | 91100 |
| Mumbai | 67450 | 73580 | 91100 |
| Hyderabad | 67450 | 73580 | 95600 |
| Chennai | 68100 | 74290 | 95600 |
Although the government has reduced customs duty, the threat of unrest in the Middle East and the Russia-Ukraine war continues to exist, which may push the metals’ rates higher.
