The price of gold in the morning trading session in the United Arab Emirates (UAE), including in Dubai, made a significant departure from previously recorded levels on Thursday, December 8. The cost of one gram of 24-carat gold in the “City of Gold” went up by Arab Emirates Dirham (AED) 22.75, or Rs 509.88. The cost of this variety of gold, considered to be the purest possible, was Dh 216.00 or Rs 4,841.08. The cost of the 22-carat variety of gold also noted a rise, going up by Dh 1.5 or Rs 33.61. The price of 22-carat gold in Dubai was Dh 202.50, or Rs 4,549.83 in the morning session. One kilogram of silver traded at Dh 2674 (Rs 59,932.58) on Thursday.
Dubai Gold and Jewellery Group data revealed that 21-carat gold went up by Dh 0.5 (Rs 11.20) and traded at Dh 193.75, Rs 4,342.50, while the price of 18-carat gold went up by Dh 0.5 to trade at Dh 166 or Rs 3,720.48. The price of gold per ounce went up by Dh 18.35 in the country and traded at Dh 6,550.95 or Rs 146,825.57.
People from all over the world, including Indian citizens, prefer buying gold in Dubai. This is primarily due to the low cost and high security that UAE’s gold markets offer. The price of gold here is significantly lower in Dubai and other places in the UAE because the government here does not levy taxes on the purchase of the precious yellow metal. Gold from Dubai is also believed to be of superior quality compared to other places. The additional layer of safety provided to gold buyers in Dubai is the cherry on top of the cake. Since the gold market in UAE is highly regulated and organised, it provides customers with all the assurance they need about the quality of the gold they buy.
However, importing gold to India after buying is not as easy as it is appealing. The Government of India has levied bringing in gold from the UAE into the country. It has also capped the amount of gold an individual is allowed to bring into the country from there. As a result, the actual price a person pays for purchasing gold becomes much higher if they bring it back to India.
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