Last Updated: January 03, 2023, 12:08 IST
The price of gold in Dubai remained unchanged for the fourth consecutive day on Tuesday, January 3. The price of gold has been constant in the United Arab Emirates since December 31. However, buyers purchasing gold using the Indian Rupee (INR) will still see changes in prices due to fluctuating exchange rates with the Arab Emirates Dirham (AED). On Tuesday, the value of Dh 1 was equivalent to Rs 22.53 as of 10.28 am IST. The price of a gram of 24-carat gold in Dubai was stable at Dh 221 or Rs 4,980.04 during the morning trading session, Gold and Jewellery Group’s data showed. The price of 22-carat gold for the same quantity was Dh 204.75 or Rs 4,613.90.
The 21-carat and 18-carat varieties also recorded no change in prices. While the cost of 22-carat gold in Dubai was Dh 198.25 or Rs 4,467.95 per gram, the price of one gram of 18-carat gold was Dh 169.75 or Rs 3,825.70. The rate of one ounce of gold was Dh 6,701.42 or Rs 151,025.41. On January 3 in Dubai, a kilogram of silver retailed at Dh 2863.22 or Rs 64,527.84.
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. This is a result of the UAE government’s policy to not impose taxes on gold purchases in the country. Moreover, UAE gold shops provide customers with the best international rates as they follow international free market pricing of the bullion. Buyers from India today have to shell out Rs 5,558 for one gram of 24-carat gold in their home country, while they have to pay much lesser Rs 4,980.04 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. While this can also be done in stores in India, the extent to which one can negotiate on making charges is greater in Dubai.
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