The price of gold in the United Arab Emirates (UAE), including in Dubai, saw some changes from Tuesday, November 29. On Wednesday, November 30, the per gram cost of 24-carat gold in the country went up by 0.5 Arab Emirates Dirham (AED) to reach 212.50, or roughly Rs 4,721, in the morning trading session. In the same session, the cost of the 22-carat variety of gold increased by the same amount as well, reaching reaching Dh 199.75 (Rs 4,437.62). A kg of silver traded at Dh 2518 (Rs 55,962.37) on Wednesday.
The per-ounce price of gold climbed up by a significantly greater margin. Compared to the last recorded levels, there was a Dh 14.68 jump in the prices, resulting in the cost of one ounce of gold becoming Dh 6,444.52 (Rs 143,165.15) in Dubai.
Data from the Dubai Gold and Jewellery Group data revealed that 21-carat gold went up by Gh 0.5 and traded at 190.5, while 18-carat went up by Dh 0.25 to trade at 163.25 in the morning session.
Dubai, the “City of Gold”, is a preferred site for buying the yellow metal for Indians since the prices here are lower than those recorded in India. This is because the purchase of gold in the UAE is exempt from taxes. As a result, while the price of a gram of 24-carat gold in India is at 5,297, In Dubai, it is 4,721– a difference of Rs 576. Gold from Dubai is also preferred because the quality of the yellow metal here is believed to be superior to those available around the world. To top it off, the market is well-regulated and more organised. This adds an additional layer of safety when buying the bullion. Another alluring factor is the wide variety of designs available in this Middle-Eastern city.
However, as inviting as the prospect of buying gold in the UAE and bringing it to India might be, it is not easy. The Government of India levies hefty taxes on the import of gold into the country. Consequently, the de facto price that you pay for buying gold becomes a lot higher if you plan on bringing it back to India.
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