Gold prices in Dubai remained stable in the morning trading session on Wednesday, January 11. One gram of 24-carat gold, the finest form of yellow metal, is now trading at 227.25 AED, or Rs 5,055.76, unchanged from the prices recorded on Tuesday. In the UAE, including Dubai, customers would have to spend 210.50 AED, or Rs 4,682.87, for the same amount of 22-carat gold. Buyers would have to shell out 203.75 AED, or Rs 4,532.71, for one gram of 21-carat gold and 174.75 AED, or Rs 3,887.63, for 18-carat gold.
According to the Dubai Gold & Jewellery Group, the rate of one ounce of gold went up by 11 AED or Rs 244.78 and retailed at 6,892.26 AED or Rs 153,328.22. On January 11 in Dubai, one kilogram of silver retailed at 2788 AED or Rs 62,045.80. As per the latest exchange rates, 1 AED equalled Rs 22.24.
The price of gold is lower in Dubai than it is in most other countries since there are no taxes levied on its purchase. Dubai’s gold market tracks global prices, ensuring controlled pricing in stores throughout the UAE. In Dubai, tariffs imposed on gold items are subject to considerable negotiation by buyers, further driving down costs. For one gram of 24-carat gold, customers in India would have to pay Rs 5,596. However, while purchasing the same quality and quantity of gold in Dubai, they would have to pay Rs 5,055.76 which is slightly cheaper.
Indian citizens who intend to purchase gold in Dubai must note that gold bought from Dubai will be subject to customs and other taxes once they return to India. The quantity of gold that can be imported duty-free from the UAE is subject to several restrictions. Depending on their gender, the duration of time they have spent in Dubai and other factors, individuals can bring in gold worth Rs 50,000 to 100,000. Any attempt to evade these taxes may invite legal trouble.
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