Telangana - Gold rates in Hyderabad crash - Demand Surges
With the news of a decreased customs tax on the yellow metal, gold prices have fallen by more than 4% in Hyderabad. Nirmala Sitharaman, the minister of finance, declared yesterday that the rate will drop from fifteen percent to six percent.
Demand to rise due to dip in gold rates in hyderabad, other cities
The demand for gold is anticipated to increase after the yellow metal's prices fell significantly in a single day.
The gem and jewelry sector has long called for a decrease in the basic customs charge on gold, silver, and platinum.
While a short-term increase in demand is anticipated, global instability remains a risk and might, shortly, drive up gold prices in indian cities like Hyderabad.
The gem and jewelry sector has long called for a decrease in the basic customs charge on gold, silver, and platinum.
While a short-term increase in demand is anticipated, global instability remains a risk and might, shortly, drive up gold prices in indian cities like Hyderabad.
Current Rates
As of July 24, the prices of 22-carat and 24-carat gold per 10 grams in the city are Rs. 64,950 and Rs. 70,860, respectively.
The rates dropped by nearly Rs. 3,000 per 10 grams following the announcement of the reduction in import duty.
Following are the gold rates in hyderabad and other cities:
The rates dropped by nearly Rs. 3,000 per 10 grams following the announcement of the reduction in import duty.
Following are the gold rates in hyderabad and other cities:
The government’s decision has not only reduced the gold rates in hyderabad and other cities in india but will also curb smuggling as the incentives for crime have decreased.