The price of gold in the morning trading session in the United Arab Emirates (UAE) remained unchanged from the levels recorded on Thursday, January 12. While the prices have not budged for those holding Arab Emirates Dirham (AED), they have changed for those using the Indian Rupee (INR) due to fluctuating exchange rate between the two currencies. As of 10:16 am, AED 1 was equal to Rs 22.16 on Friday, January 13. The price of the 24-carat variety of the precious yellow metal cost Dh 230.25 or Rs 5,104.54, while the 22-carat type cost Dh 213 or Rs 4,722.74 in the morning trading session today.
According to data provided by the Dubai Gold and Jewellery Group, the cost of 21-carat gold, also unchanged, stood at AED 206.25 or Rs 4,572.22. The price of 18-carat gold was Dh 176.75 or Rs 3,918.27. The value of one ounce of the yellow metal was also stationary at Dh 6,976.67 or Rs 1,54,662.04.
In the first trading session of the day on January 13, the price of one kilogram of silver was Dh 2810.43 or Rs 62,298.18.
Dubai, known as the City of Gold, attracts buyers of the precious yellow metal from all over the world due to its cheap price tags on gold articles, especially jewellery. The Dubai gold souq– an open market for the precious yellow metal– is known to have the lowest prices in the world due to the UAE government’s policy of not levying any taxes on the purchase of gold. What makes buying gold jewellery even more attractive here is the room customers have for negotiating on the making charges on the item they are buying. Additionally, the wide variety of designs available in Dubai is unmatched across the world.
Apart from the low rates, buying gold in Dubai also assures purchasers that they have a good quality product on their hands. The market is well-organised and highly regulated. The Dubai Municipal Authority also frequently inspects the shops in the capital city to ensure no customer is being ripped off and the item is of the same quality as is being claimed.
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