The price of gold in Dubai and the United Arab Emirates (UAE) saw some movement based on its variety in the morning trading session on Wednesday, December 14. As per the data by the Dubai Gold and Jewellery Group, the price of gold per ounce was Dh 6,642.70 or Rs 1,49,457.59. The price of 21-carat gold remained stable at Dh 196.50 or Rs 4,420.64 for one gram, while the price of 18-carat gold saw a drop by Dh 0.25, setting it at Dh 168.25 or Rs 3,785.03 for a gram. The 22-carat variety of gold was being traded slightly lower at Dh 205.75, equating to Rs 4,628.79. The cost of one gram of 24-carat gold in Dubai also remained unchanged at Dh 219.25 or Rs 4,932.98 in the morning trading session. One kilogram of silver traded at Dh 2,792 (Rs 62,820.38) on Wednesday.
Buyers from all over the world are drawn to Dubai to invest in the pricey yellow metal. The popularity of buying gold in Dubai is largely due to the gold’s relatively low price and guaranteed purity and quality. Due to the absence of taxes on the purchase of gold, the price of gold in the UAE is lower than in other countries around the world. Quality assurance is the second factor that makes buyers favour Dubai when purchasing gold. This is inextricably linked to the regulatory oversight of the city’s gold market.
Gold prices in India’s retail market have seen a slight increase amidst a flat trend in the global market. Following a slow start, the 22-carat variety of gold was priced at Rs 50,300 for 10 grams, up Rs 500 from Tuesday’s level. Similarly, the 24-carat variety for the same quantity was priced at Rs 54,880, up Rs 550.
When planning to buy gold from abroad and import it into India, Indian citizens must exercise due diligence. The import of gold from the UAE affects the balance of payments and is thus heavily taxed by the Government of India. The amount of gold that a person may import from the UAE is also subject to limitations imposed by the Indian government.
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