Last Updated: January 10, 2023, 11:25 IST
Gold prices in Dubai remained flat in the morning trading session on Tuesday, January 10. The prices remained unchanged, trading at 227.25 AED or Rs 5,087.32 for one gram of 25-carat gold which is considered the purest variety of yellow metal. For the same quantity of 22-carat gold, buyers would have to spend 210.50 or Rs 4,712.62 across UAE including Dubai. For one gram of 21-carat and 18-carat varieties of gold, buyers would need to spend 203.75 AED or Rs 4,561.98 and 174.75 AED or Rs 3,912.77 respectively.
An ounce of gold in the morning trading session in Dubai was recorded to be 6,892.26 or Rs 154,320.86. According to the latest exchange rates, 1 AED equalled Rs 22.24
While gold maintained a flat trend on Tuesday, January 10, silver prices slipped in Dubai. Compared to 2816.06 AED or Rs 63,054.38 for a kilogram of silver on Monday, the prices slipped 36.06 AED or Rs 807.44. Silver prices in Dubai were recorded to be 2780 AED or Rs 62,247.24.
Dubai also known as the City of Gold is a preferred destination for buyers across the world due to the high quality and low prices of the yellow metal. The quality assurance of the gold bought from Dubai is attributed to the high level of monitoring and regulation of the market in the UAE. Regular inspections and mandatory hallmark certifications guarantee customers the purity of the gold they are buying.
Gold purchases in Dubai are tax-free, resulting in lower prices than in most parts of the world. Dubai’s gold market follows international rates, guaranteeing controlled prices in shops across the UAE.
Buyers can also negotiate quite a bit in the making of charges levied on gold products in Dubai, further bringing prices down.
However, Indian citizens planning to buy gold from Dubai must note the purchases will be liable for customs and other taxes that effectively will take the total cost higher than rates in India. The Government of India has put multiple regulations, limiting the amount of gold one can bring into the country duty-free from the UAE. Depending on the time a person has spent abroad and their gender, individuals can bring in gold worth Rs 50,000 to 100,000.
Any attempt to evade the import and customs charges may invite legal troubles.
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