The price of gold in the United Arab Emirates (UAE), including in Dubai, has seen a rise from the price levels noted on Monday, December 4. The cost of one gram of 24-carat gold in the “City of Gold” shot up by 1.25 Arab Emirates Dirham (AED) to reach Dh 219, or Rs 4,858.95, in the morning trading session. The cost of the 22-carat variety of gold rose by the Dh 1.25 in the same session, going up to Dh 205.75 (Rs 4,564.69). One kilogram of silver traded at Dh 2759 (Rs 61,209.63) on Monday.
The price of gold per ounce climbed up by a significantly larger margin. Compared to the last recorded levels, the per ounce rate of gold in the country went up by Dh 40.37. This resulted in the cost of one ounce of gold becoming Dh 6,639.03 (Rs 147,004.52) in Dubai during the morning trading session.
Dubai Gold and Jewellery Group data revealed that 21-carat gold went up by Dh 1.25 and traded at 196.25 (Rs 4,352.47), while 18-carat went up by Dh 1 to trade at 168.25.
Dubai is a preferred site for buying gold not just for Indians but for people around the world. The price of gold here is significantly lower since the UAE government does not levy any taxes on the purchase of the yellow metal. Comparing the per gram price of 24-carat gold in Dubai (Rs 4,858.95) to those in India (Rs 5,411) shows a price difference of Rs 552.05. Another reason buyers prefer buying gold in Delhi is the purity of the metal here. The gold market in UAE is highly regulated and organised, thus providing customers with the security they need about the quality of the gold they buy. Another alluring factor is the wide variety of designs available in the shops in this Middle-Eastern city.
However, importing gold to India after buying it in Dubai comes with its own set of rules and regulations attached. The Indian government imposes heavy taxes on the import of gold into the country. It has also capped the amount of gold a person can bring into the country from Dubai. As a result, the de facto price you pay for buying gold becomes much higher if you bring it back to India.
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