The price of gold in the United Arab Emirates (UAE), including Dubai, saw a marginal change from Monday’s level. On Tuesday, November 29, the per gram cost of 24-carat gold in the country was stagnant at Arab Emirates Dirham (AED) 212.25, or roughly Rs 4,719, in the morning trading session. However, the price of the 22-carat variety of gold noted a slight increase, with the price climbing by 0.25 AED to touch the level of Dh 199.5 (Rs 4,436.47).
The per-ounce price of gold climbed up as well. Compared to Monday, there was a price increase of Dh 3.67, resulting in the cost of one ounce of gold being Dh 6,437.18 (Rs 143,139.10) in Dubai.
Dubai Gold and Jewellery Group data suggested that the 21-carat gold traded at Dh 190.25 while 18-carat was at Dh 163.25 in the morning session. While the price of 21-carat gold was unchanged from yesterday’s level, the price of 18-carat gold rose by Dh 0.25.
Dubai has long been a popular site for Indians to make their gold purchases. The “City of Gold”, as UAE’s capital is known, has solidified its position as the ideal place to buy gold because of a variety of reasons. Primary among these are cost and quality. Gold prices in Dubai remain significantly lower compared to the cost in Indian cities. For instance, the price of 24-carat gold in India today stands at Rs 5,288 per gram. In comparison, the same quantity and type of yellow metal costs Rs 4,719 in Dubai. Part of the reason why gold is comparatively cheaper in the UAE is because of the nation’s government exempts gold purchases from taxation.
In addition, gold from Dubai is believed to be of superior quality. The sale and purchase of the bullion here are also more organised, controlled, and regulated. The vast variety of designs available when buying gold jewellery in Dubai is another alluring factor.
However, if you are planning to import gold from UAE to India, remember that the Indian government imposes a hefty tax on that and there are limits to the amount you can carry into the country.
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