The price of gold in the United Arab Emirates (UAE), including in Dubai, rose on Thursday, November 24. Compared to the cost on November 23, the rate of 24-carat gold rose by 2.25 Arab Emirates Dirham (AED), or roughly Rs 50 in the morning session. With the price hike, the cost of 24-carat gold reached 212.75 Dh (Rs 4,733.66) per gram. Meanwhile, the price of the 22-carat variety of gold also went up by 2 Dh to reach 199.75 Dh (Rs 4,444.32). The per ounce price of gold was up by 66.06 Dh (Rs 1,469.69 Rs), trading at 6,448.19 Dh (Rs 1,43,477.62). On the other hand, 1 kg of silver was trading at 2548 Dh (Rs 56,689.97) in Dubai.
According to data from the Dubai Gold and Jewellery Group, 21-carat gold traded at 190.75 Dh while 18-carat was at 163.50 Dh.
Dubai is a popular destination for Indians to buy gold due to a variety of reasons. Primary among these is that gold is comparatively cheaper in UAE compared to India. For example, the current price in Delhi for 24-carat gold is around Rs 5312 per gram. The price for the same quantity in Dubai is approximately 4,733 Rs.
There is also an added tax benefit to buying gold in Dubai, where purchasing the yellow metal is exempt from taxation. Quality is another alluring factor for buyers. The yellow metal bought from UAE has a reputation for being of comparatively superior quality. Additionally, the gold market in Dubai is more organised, controlled, and better regulated. For many buyers, the wide variety of designs found in Dubai’s jewellery stores is the final influencing factor.
While buying gold from Dubai on a trip there could be profitable, there are a lot of rules and regulations to be kept in mind. For instance, the Indian government levies a hefty import duty on bringing in gold from Dubai on your person. Concerns regarding how safe it is to travel with large amounts of gold in your luggage or on your person are also ever-present.
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