Responding to global cues, the price of gold in Dubai went up during the morning trading session on Friday, January 6. The cost of all except the 18-carat variety of gold went up by Arab Emirate Dirham (AED) 0.5. As of the exchange rate at 12.24 pm today, this amounts to Indian Rupee (INR) 11.25. According to data furnished by Gold and Jewellery Group, the cost of one gram of 24-carat gold in Dubai was Dh 222.75 or Rs 5,013.21. The price of 22-carat gold for the same quantity was Dh 206.25 or Rs 4,641.86.
The 21-carat variety cost Dh 199.50 or Rs 4,489.81 per gram in the morning trading session on Friday. The price of 18-carat gold, on the other hand, went up by Dh 0.75 or Rs 16.87 to reach Dh 171, or Rs 3,848.38 per gram. The per ounce rate of gold in the UAE shot up by Dh 14.68 or Rs 330.37. It cost buyers Dh 6,749.13 or Rs 151,893.75. On January 6, a kilogram of silver retailed at Dh 2757.29 or Rs 62,054.68.
The Gold Souk or the open gold market of Dubai attracts buyers from all around the world throughout the year. Tax-free purchases of the precious yellow metal and quality assurance of the product one is buying pull customers to come to the UAE and buy gold from here for a more profitable deal than their home country can provide.
The “City of Gold” has low prices not only because the UAE government makes these purchases tax-exempt, but also because the market follows international pricing and allows for a big margin of negotiation on making charges. For Indian buyers, while a gram of 24-carat gold will cost Rs 5,553 in their home country, it will cost buyers considerably lesser Rs 5,013.21 in Dubai. The highly-monitored, well-organised and well-regulated markets where inspections by government authorities to ensure good product quality is a cherry on top of the cake for many buyers trying to avoid getting duped into buying lower-quality gold.
However, it is important to remember that while the purchase of gold in Dubai is tax-free, bringing the same into India is not. The Government of India levies hefty charges on importing gold into the country beyond a certain limit. It is crucial to read all regulations regarding the same before investing money in the greenback-price bullion in Dubai.
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