Last Updated: January 02, 2023, 15:47 IST
The price of gold in Dubai remained unchanged from Sunday’s levels on January 2. However, the change in exchange rates between the Arab Emirates Dirham (AED) and Indian Rupee (INR) has caused a slight change in the cost of varieties of gold for Indian buyers. The value of Dh 1 was equivalent to Rs 22.48 on January 2. On Monday, a gram of 24-carat gold in the United Arab Emirates (UAE) cost Dh 221 or Rs 4,970.26 during the morning trading session, Gold and Jewellery Group’s data showed. The price of 22-carat gold for the same quantity was stable at Dh 204.75 or Rs 4,604.74.
The 21-carat and 18-carat varieties recorded no change in prices either. While the cost of 22-carat gold in Dubai was Dh 198.25 or Rs 4,458.71 per gram, the price of one gram of 18-carat gold was Dh 169.75 or Rs 3,817.24. The rate of one ounce of gold was Dh 6,701.42 or Rs 1,50,684.31. On January 2 in Dubai, a kilogram of silver retailed at Dh 2830 or Rs 63,623.08.
Dubai, known as the “City of Gold” is a preferred site for purchasing gold amongst people from all across the world. The primary reason for this Middle Eastern city attracting droves of buyers each year is the low price of the precious metal here, courtesy of the UAE government levying no tax on purchases of gold in the country and the shops following international free market prices of the bullion.
Buyers from India today have to shell out Rs 5,504 for one gram of 24-carat gold in their home country, while they have to pay Rs 4,970.26 when buying the same quality and quantity in a shop in Dubai. Buyers can further bring down the overall amount they have to pay for gold jewellery by bargaining on the making charges levied by stores.
In addition to the low prices, other pulling factors are the safety and variety in the gold markets of Dubai. Being well-organised, regulated and constantly monitored, the gold markets of UAE offer customers the assurance they need about the product that they are buying. The wide variety of designs here is unlike any other in the world.
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