Last Updated: December 27, 2022, 13:47 IST
After three days of no change in the prices of gold in Dubai, the cost of the yellow metal rose in the morning trading session on Tuesday, December 27. Data furnished by the Dubai Gold and Jewellery Group suggests that the cost of 24-carat gold in the United Arab Emirates went up by Arab Emirate Dirham (AED) 0.75 or Indian Rupee (INR) 16.89 to trade at Dh 218.75 or Rs 4,929.81 per gram. The cost of the 22-carat variety of gold in Dubai also went up by Dh 0.75 to reach Dh 202.5, equating to Rs 4,563.25 per gram.
The cost of 21-carat gold climbed by Dh 0.75, too. This variety of gold traded at Dh 196 or Rs 4,417.18 in the morning session. The price of 18-carat variety of gold went up by Dh 0.5 or Rs 11.27. Consequently, this type of gold sold at Dh 168 or Rs 3,780.56. The per-ounce rate of gold on Monday went up from Dh 6,606 to Dh 6,628.02 or Rs 149,390.38. On December 27, one kilogram of silver retailed at Dh 2803.68 or Rs 63,573.57.
Dubai is one of the top destinations for people to purchase gold. The “City of Gold” attracts thousands of buyers from all corners of the world every year. The gold purchased from here is not only comparatively cheaper but is also believed to be of superior quality.
People looking to make gold purchases for cheaper rates than their home countries benefit from the UAE’s government’s policy not to tax gold purchases. To add on, the prices are based on the cost of the yellow metal prevalent in the international market. This ensures that shops all across Dubai and UAE have the same price. Customers also have a much bigger margin for bargaining on the making charges on jewellery in stores in Dubai.
The safety and quality assurance of gold bought from Dubai is another factor pulling buyers to Dubai. The gold market in the UAE is highly monitored, organised, and regulated. Inspections are conducted regularly, and the law requires sellers to produce hallmark certifications if customers ask.
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