Last Updated: January 05, 2023, 12:30 IST
The price of gold in Dubai stabilised on January 5 after rising for two consecutive days. The cost of the precious yellow metal was unchanged during the morning trading session on Thursday. However, buyers purchasing gold using the Indian Rupee (INR) can expect price fluctuation due to changes in the exchange rate with the Arab Emirates Dirham (AED). On Thursday, the value of Dh 1 was equivalent to Rs 22.54 as of 10.23 am IST. The price of one gram of 24-carat gold in Dubai was stable at Dh 225.25 or Rs 5,077.02, according to Gold and Jewellery Group’s data. The cost of 22-carat gold for the same quantity was Dh 208.50 or Rs 4,699.48.
The 21-carat and 18-carat varieties also saw no change in their cost per gram. While 22-carat gold in Dubai retailed at Dh 202.00 or Rs 4,553.18, the price of 18-carat gold was Dh 173.00 or Rs 3,899.34. The price of one ounce of gold remained unchanged, too, at Dh 6,829.87 or Rs 153,942.23. On January 5 in Dubai, a kilogram of silver retailed at Dh 2808.75 or Rs 63,309.19.
UAE, and by extension Dubai, remains a popular site for purchasing gold for people all around the world. Thousands of buyers throng to the “City of Gold” every year to make gold purchases because of the favourable rates here. The price of the precious yellow metal is lower in Dubai compared to other parts of the world, courtesy of the UAE government not levying any taxes on the purchase of gold. Thus, while a gram of 24-carat gold will cost Rs 5,596 in India today, it will cost buyers considerably lesser Rs 5,077.02 in Dubai. Moreover, Dubai shops allow for a wider margin of negotiation on making charges, allowing customers to pull down the price even more.
In addition to the cost, quality assurance is another factor that attracts people looking to purchase gold in Dubai. The Dubai gold market is very well-regulated, organised and consistently monitored. Sellers are obligated by law to show customers hallmark certificates signifying the purity of the gold being sold. Consequently, buying gold from Dubai is considered to be relatively safe.
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