Last Updated: January 16, 2023, 12:28 IST
The price of gold in Dubai registered no movement in the morning trading session on Monday, January 16. The cost of the precious metal remained stable for Arab Emirate Dirham (AED) holders, although those using the Indian Rupee (INR) to make their purchases are seeing a change in price due to fluctuating exchange rates. As of Monday, 1 Dh was equivalent to Rs 22.14. The cost of 24-carat gold in the United Arab Emirates (UAE) was stable at Dh 232.75 or Rs 5,154.78 in the morning trading session today. The price of a gram of 22-carat gold was Dh 215.5 or Rs 4,772.74.
According to data from Dubai Gold & Jewellery Group, the value of one gram of 21-carat gold stood at Dh 208.50 or Rs 4,617.84, while that of the 18-carat variety of the yellow metal was stationary at Dh 178.75 or Rs 3,959.11. One ounce of gold, on the other hand, cost Dh 7,057.41 or Rs 1,56, 175.94.
In Dubai, the cost of silver saw upward movement, with the price of 1 kg seeing an increase of Dh 97.55 or Rs 2,160.76. In the morning trading session on January 16, a kg of silver retailed at Dh 2892.94 or Rs 64,058.75.
The City of Gold, Dubai, has long been a favoured site for making gold and jewellery purchases. Markets such as the Gold Souk, Meena Bazaar, and Baniya Street offer a wide variety of designs and house several Indian brands such as Joyallukas, Kalyan Jewellers, Tanishq, and Malabar Gold. Apart from the variety of designs, and the leeway to bargain heavily on the making charges, Dubai is also preferred for its accurate pricing. The price of gold here changes based on the same day’s market movement.
Tourists are also refunded the 5 per cent value-added tax (VAT) in Dubai upon passport declaration.
While the rates are lower in Dubai, Indian citizens need to keep in mind that there are multiple restrictions on how much gold one can bring into India from outside. In case that limit is crossed, buyers have to pay customs charges that can result in gold prices at par or even higher than the rates in India.
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