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.
New Rates:
- Gold and silver: 6%
- Platinum: 6.4%
b) Industry Demand
• Background: The gems and jewelry industry in Hyderabad and other cities has long demanded a reduction in customs duty.
• Impact: The reduction is expected to boost demand for precious metals in India, countering the sales decline due to global price increases.
As of the latest update, the customs duties on gold and silver in India are as follows:
Gold: The basic customs duty on gold has been reduced to 6% from the previous rate of 15%.
Silver: Similarly, the basic customs duty on silver has also been reduced to 6%.
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