The price of gold in Dubai remained unchanged for yet another day on Tuesday, February 8. Nevertheless, due to shifting exchange rates with the Arab Emirates Dirham (AED), customers buying gold using the Indian Rupee (INR) would still see pricing variations.
On Tuesday, the value of Dh 1 was equivalent to Rs 22.40 as of 09.56 AM IST. The price of a gram of 24-carat gold in Dubai was stable at Dh 226.50 or Rs 5,098.78 during the morning trading session, Gold and Jewellery Group’s data showed. The price of 22-carat gold for the same quantity was Dh 209.50 or Rs 4,715.77
The 21-carat and 18-carat varieties also recorded no change in prices. While the cost of 21-carat gold in Dubai was Dh 203 or Rs 4,569.34 per gram, the price of one gram of 18-carat gold was Dh 174 or Rs 3,916.52.
The rate of one ounce of gold was Dh 6,862.90 or Rs 154,474.74. On February 8 in Dubai, a kilogram of silver retailed at Dh 2637 or Rs 59,361.61.
Also Read: Gold Rate In India Sees A Marginal Drop On Feb 8: Check Latest Price In Delhi, Mumbai And Other Cities
People from all over the world prefer to buy gold in Dubai, often known as the “City of Gold.” This is certainly the case with Indians, who frequently buy yellow metal from Dubai due to the wide variety of designs they have available at reduced and more reasonable pricing than in India.
The low price of yellow metal in this middle-eastern city draws a large number of customers each year. This is a result of the UAE government’s decision to not levy taxes on domestic gold purchases. Additionally, due to their adherence to the bullion’s international free market pricing, UAE gold stores provide their clients with the best global prices.
The gold market in Dubai is strictly regulated and monitored, and there are regulations in place requiring store owners to have hallmark certifications for the gold products they sell.
The low prices are all due to the UAE government, which imposes a minimal-Value Added Tax on jewellery that is among the lowest in the world and even waives it for travellers who produce their passports.
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