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The price of gold in the morning trading session in Dubai and the United Arab Emirates (UAE), remained unchanged on Monday, December 12, from levels previously recorded. However, the exchange rate between the Indian Rupee (INR) and the Arab Emirates Dirham (AED) changed, pushing the prices up in terms of rupees. The 22-carat variety of gold was being traded at the cost of Dh 204.50, equating to Rs 4,604.87. The cost of one gram of 24-carat gold in the capital also remained stagnant in terms of Dirham. The cost of this variety of gold was Dh 217.75 or Rs 4,902.82 in the morning trading session. One kilogram of silver traded at Dh 2,749 (Rs 61,830.81) on Monday.
The price of 21-carat gold remained stable at Dh 195.25 or Rs 4,396.23, while the price of 18-carat gold was stationary at Dh 167.25 or Rs 3,765.79. The price of gold per ounce was Dh 6,602.33 or Rs 1,48,603.01, Dubai Gold and Jewellery Group Data suggested.
Dubai, the “City of Gold” attracts buyers wanting to invest in the precious yellow metal from all over the world. The capital of UAE is a popular site for buying gold, primarily because of the comparatively low cost of gold here, and assured quality as well. The cost of gold in the UAE is lower compared to other places in the world mainly because the government here does not levy a tax on the purchase of the pricy metal. The second reason buyers prefer Dubai for buying gold is the quality assurance. This is closely linked with the regulation and organisation of the gold market in the city.
However, Indian citizens need to be careful if they are making plans on buying gold abroad and importing it into the country. The import of gold from the UAE affects the balance of payments, and thus, has been subjected to heavy taxation by the Government of India. Moreover, the Indian government has also imposed restrictions on the quantity of gold an individual can bring into the nation from the UAE. There are different slabs depending on how long a person has stayed in the Emirates. As a result, the net cost a person incurs for purchasing gold and bringing it to India is actually quite high.
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