Gold prices fell sharply during the week as the government of India announced cut in import duty on Gold as well as silver. Union Minister Nirmala Sitharaman had said while presenting the Union Budget 2021-22 on Monday. "Gold and silver presently attract a basic customs duty of 12.5 per cent. Since the duty was raised from 10 per cent in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising customs duty on gold and silver."
On Monday, gold rate declined Rs 1,324 to Rs. 47,520 per 10 gram in Delhi. In the previous trade, gold rate closed at Rs. 48,844 per 10 gram. However, silver rates incresed Rs. 3,461 to Rs. 72,470 per kilogram.
Gold Rate In Hyderabad:
The price of 22 carat gold is currently Rs 43,750 per 10 gram. Gold rate declined Rs 600 to Rs 43,750 per 10 grams. The price of 24 carat gold is currently Rs 47,730 per 10 grams. The cost of one gram of gold is Rs. 4,375.
The trade analysts are saying that there are chances for the gold prices to come down in the next few days.