The gold price in the United Arab Emirates, including Dubai, rose slightly on Tuesday, November 22. Compared to November 21 rates, the rate of 24-carat gold rose by 0.25 Arab Emirates Dirham (AED), or roughly Rs 5, in the morning session to reach 211.5 AED (around Rs 4,707.76) per gram. Meanwhile, the 22-carat variety of gold traded at the same price as the last session, stable at 198.5 AED (around Rs 4,417.01). In terms of ounces, too, gold was trading higher, up by 3.67 AED around Rs 81.66). The price of the yellow metal per ounce in UAE was AED 6,407.82 (roughly Rs 142,595.07). On the other hand, one kg of silver was trading at AED 2483 (around Rs 55,255.98).
According to data from the Dubai Gold and Jewellery Group, 21-carat gold traded at AED 189.5 while 18-carat was at AED 162.5.
In the New York-based bullion market (COMEX), the gold prices were trading marginally down at 1,765.7 an ounce, while silver was also trading lower at $21.3 an ounce.
The UAE, but more prominently Dubai, is popular among Indians as a site for buying gold due to a multiplicity of reasons. For starters, gold is much cheaper in Dubai compared to India. For illustration, the current price in Dubai for 24-carat gold in is rS 4,707.76 per gram. The price for the same quantity in New Delhi is Rs 5,290.
In addition to the price point, buying gold is also tax-free in UAE. The yellow metal bought from this middle-eastern country also has a reputation for being of comparatively superior quality. Additionally, the gold market in Dubai is better regulated and more organised and controlled. The wide variety of designs found in gold jewellery in Dubai is the cherry on top of the cake.
However, those wanting to benefit from the cheap gold prices in Dubai need to take care of the import duty levied by the government on bringing in gold from Dubai on your person. Besides the regulations, the safety aspect is also something buyers will need to keep in mind.
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