The rate of gold in Dubai in the morning trading session remained unchanged, from the last recorded levels, on December 26. However, for buyers using Indian Rupee (INR), the price has changed because of the change in the exchange rate between the Arab Emirates Dirham (AED) and INR. The current exchange rate is Rs 22.54 for Dh 1. According to data provided by Dubai Gold and Jewellery Group, the cost of 24-carat gold in UAE was stable at Dh 218 or Rs 4,915.48 per gram on Monday. The cost of the 22-carat variety of gold in the United Arab Emirates (UAE) stood at Dh 201.75, equating to Rs 4,546.86 per gram.
The cost of 21-carat gold also remained stable, retailing at Dh 195.25 or Rs 4,402.24 in the morning session. The 18-carat variety of gold retailed at Dh 167.5 or Rs 3,776.57. The per-ounce rate of gold on Monday was Dh 6,606 or Rs 148,953.96. On December 26, one kilogram of silver retailed at Dh 2803.68 or Rs 63,217.16.
Thousands of buyers from all across the world throng in Dubai every year to purchase gold. The “City of Gold” is a preferred destination for buying the precious yellow metal because of cheap prices, high security, and wide variety of designs to choose from.
Gold in UAE, and by extension in Dubai, is comparatively less expensive because the government here does not impose any taxes on the purchase of these assets. Additionally, the price of gold cost in the UAE is based on the prices prevalent in the international market. This ensures that there is uniform pricing across the entire nation. Buyers can further pull down the price of the gold jewellery they buy since there is a good margin to bargain on the making charges of the product here.
Another factor that attracts buyers to Dubai gold markets is the assurance on the quality of the product purchased. The gold markets in the UAE is highly monitored, organised, and regulated. Relevant authorities conduct regular inspections, and the sellers are obligated to show hallmark certifications of the items they are selling to the buyers by law.
While it might appear profitable to buy gold in Dubai and import it to India, that is not exactly the case. Since importing gold affects the balance of payments of the country, the Indian government has put in place several rules and regulations to limit the amount of gold one can bring into the nation duty-free from the UAE.
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