The price of gold in the United Arab Emirates (UAE), including in Dubai, maintained the same level as Thursday, November 24. On Friday, November 25, in the morning trading session, the per gram rate of 24-carat gold in the UAE remained stationary at Arab Emirates Dirham (AED) 213, or roughly Rs 4,728. Meanwhile, the price of the 22-carat variety of gold also noted no price change, remaining stable at Dh 200 (4,439.95 Rs).
The per-ounce price of gold stood at the same level as Thursday, not budging from Dh 6,455 (Rs 143,296.34). On the other hand, one kg of silver was trading at Dh 3 (Rs 66.59) lower than Thursday at Dh 2542 (Rs 56,432.14) in Dubai.
According to data from the Dubai Gold and Jewellery Group, 21-carat gold traded at Dh 190.75 while 18-carat was at Dh 163.50, recording no change from the last documented price levels.
Dubai, referred to as the “City of Gold”, is a popular destination for Indians to buy precious yellow metal. The most prominent reason behind this is that gold prices are significantly lower in Dubai since the UAE government has exempted gold purchases from taxation. For illustration, 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 Rs 4,728.
Buying gold in Dubai is also much more secure since the market there is more organised, controlled, and regulated. To add on, gold bought from Dubai is believed to be purer and of better quality than that available in the domestic markets in India. In terms of gold jewellery, the vast assortment of designs available for customers to choose from is another important factor driving the popularity of gold bought from the UAE.
However, it is vital to remember that importing gold from UAE to India comes with its own set of strings attached. For instance, the Government of India (GoI) levies a hefty import duty on bringing in gold from Dubai on your person. Depending on how long a person has stayed in the Middle-Eastern country, there is a cap on how much gold can be brought in, too.
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