Last Updated: January 17, 2023, 12:38 IST
The price of gold in Dubai registered a downward movement in the morning trading session on Tuesday, January 17. The cost of 24-carat gold in the United Arab Emirates (UAE) tumbled by Arab Emirate dirham (AED) 0.25 or Indian Rupee (INR) 5.56 per gram and stood at Dh 231.5 or Rs 5,155.25 in the morning trading session today. The price of one gram of 22-carat gold variety fell by Dh 0.5 or Rs 11.13 to trade at Dh 214.25 or Rs 4,771.01.
Data from the Dubai Gold & Jewellery Group said that the value of a gram of 21-carat variety of the precious metal stood at Dh 207.50 or Rs 4,620.87, a decrease of Dh 0.25. The price of the 18-carat variety of the yellow metal fell by Dh 0.25, too. It traded at Dh 177.75 or Rs 3,958.46. The cost of one ounce of gold, on the other hand, dropped by Dh 11.01 or Rs 245.19, pulling the price down to Dh 7,017.04 or Rs 156,268.68.
The price of silver in Dubai saw an upward trend, going up by a marginal Dh 2.59 or Rs 57.68 per kg to trade at Dh 2856.43 or Rs 63,643.03.
Dubai has been a favourite among buyers from all across the world for purchasing gold and jewellery. For Indians, markets like the Meena Bazaar, Baniya Street, and the Gold Souk offer a wide assortment of designs. The market of Dubai is also home to multiple Indian brands such as Joyallukas, Kalyan Jewellers, Malabar Gold, and Tanishq.
The City of Gold is preferred not just for its designs, but also because it provides very competitive pricing. Not only are the prices accurate due to the country’s shops following same-day international pricing, but they are also exceptionally low because of low taxes. Purchases of gold bars are completely tax-exempt, while those of gold jewellery only have a 5 per cent value-added tax (VAT)– one of the lowest in the world. Moreover, tourists get a refund on the VAT upon passport declaration.
While the rates are much cheaper in Dubai, Indian citizens need to remember that there are several restrictions on how much gold one can bring into India from abroad. In case the prescribed limit is crossed, people will have to pay exorbitant customs charges and other duties.
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