The price of gold in the morning trading session in the United Arab Emirates (UAE), including in the ‘City of Gold’ Dubai, witnessed a jump on Friday, December 9. The cost of one gram of 24-carat gold in Dubai went up by Arab Emirates Dirham (AED) 1, or Rs 22.38. The cost of this variety of gold was Dh 217.75 or Rs 4,873.76. The price of the 22-carat variety of gold also noted a rise, inflating by Dh 0.75 or Rs 16.78. The price of 22-carat gold in the city was Dh 204.50, or Rs 4,577.17, during the morning session. One kilogram of silver traded at Dh 2,751.50 (Rs 61,584.78) on Friday.
Dubai Gold and Jewellery Group data suggests that 21-carat gold went up by Dh 0.75 and traded at Dh 195, Rs 4,364.64, while the price of 18-carat gold went up by Dh 0.75 to trade at Dh 167.25 or Rs 3,743.40. The price of gold per ounce went up by Dh 25.69 in the country and traded at Dh 6,598.66 or Rs 147,689.26.
People from all over the one, including Indian citizens, prefer purchasing gold in Dubai, mainly because the low cost of the yellow metal is comparatively low here. The price of gold here is much lower since the UAE government doesn’t impose any taxes on the purchase of gold. Buyers also believe that gold from Dubai is superior in quality. Quality assurance is closely linked with how regulated and well-organised the gold market of the city is. Dubai gold markets provide customers with the necessary assurance they need about the quality of the gold here.
Yet, buying gold at cheaper rates in Dubai and importing it to India is not a smooth process. Since the import of gold affects the balance of payments of the country, the Government of India (GoI) has imposed heavy taxes on bringing in gold from the UAE into Indian borders. Additionally, the GoI has put in place rules to limit the amount of gold an individual can bring into the nation from Dubai or UAE. This also factors in the time one has stayed in Dubai. Consequently, the de facto cost a person incurs for purchasing gold and bringing it to India balloons up, deterring such behaviour.
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