The price of gold in Dubai slid in the morning trading session on February 17.
This price drop reflects a global downturn in the value of the precious metal. On Friday, the price of 24-carat gold in the United Arab Emirates (UAE) fell by Arab Emirati Dirham (AED) 0.5 or Indian Rupees (INR) 11.26. This variety, considered to be the purest of all types, traded at Dh 221.25 or Rs 4,986.01 per gram.
The price of 22-carat gold was also down by Dh 0.5, trading at Dh 204.75. Per today’s exchange rate, this amount to Rs 4,614.13 per gram.
According to data furnished by the Dubai Gold and Jewellery Group, the price of a gram of 21-carat gold was Dh 198.25 or Rs 4,467.67.
The 18-carat variety of the bullion sold at Dh 170 per gram. This amounts to Rs 3,831.04. The price of an ounce of gold, down by Dh 14.68 or Rs 330.81, traded at Dh 6,705.09– equivalent to Rs 1,51,098.53– in the morning trading session on Friday.
Also Read: Gold Prices In India Plunge On February 17; Check Latest Rates In Delhi, Chennai And Other Cities
A kilogram of silver in Dubai cost Dh 2535.81 or Rs 57,145.03.
Dubai is known for its gold market and has developed a reputation for offering competitive prices, that are cheaper than other places across the globe.
One reason for this is that the United Arab Emirates (UAE) has made the purchase of gold bars tax-free and levied a low 5 percent value-added tax (VAT) on other items. Even this VAT charge is waived off for foreign passport holders.
Yet another cause behind the low prices is the cost of labour in Dubai. This is comparatively low compared to other countries, and thus drives down the making charges.
Also Read: Wedding Season 2023: Key Things To Check Before Buying Gold Jewellery
Alongside the price, the Dubai gold market also offers quality assurance.
The shops here are well-regulated and closely monitored. Buyers can also request to see the gold’s purity certificate, which provides information on the gold’s purity and authenticity.
The wide variety of designs available in markets like the Gold Souq, Baniya Street, and Meena Bazaar are another pulling factor.
Read all the Latest Business News here
Comments
0 comment