The price of gold in the morning trading session in Dubai and in the United Arab Emirates (UAE) plunged from the levels recorded on Monday, December 12. The price of 24-carat gold in UAE dropped by 0.75 Arab Emirates Dirham (AED) or Rs 16.88 on Tuesday, trading at Dh 215.75 or Rs 4,856.48 in the first trading session of the day. Dubai Gold and Jewellery Group Data suggested that the price of the 22-carat variety of gold in the UAE also dropped by Dh 0.75, trading at Dh 202.75, equating to Rs 4,563.78 per gram. On Tuesday, one kilogram of silver retailed at Dh 2771.84 (Rs 62,410.22).
The price of 21-carat gold and 18-carat gold also saw a uniform price drop of Dh 0.75. While the 21-carat variety was being sold at Dh 193.50 or Rs 4,355.74, the price of 18-carat gold was Dh 165.75 or Rs 3,730.65. The cost of gold also fell by Dh 22.02 or Rs 495.66 per ounce, resulting in the price of an ounce of gold being Dh 6,543.61 or Rs 147,298.70.
Low prices, high quality, and an extensive variety of choices in terms of gold jewellery in Dubai attract thousands of people every year. People prefer buying precious yellow metal from the “City of Gold” since these purchases are exempt from taxes. This is the primary factor behind the price of gold in the UAE being much lower when compared to other countries. Additionally, Dubai gold prices follow the international markets, ensuring there is uniformity in cost across every shop in the city, and even in the country. In terms of cost, Dubai is also favourable since buyers can bargain on the making charges for jewellery, pulling the rates in their favour.
Another reason people prefer buying gold from Dubai is the quality assurance they get. Every gold article sold in the capital city is regulated by the Dubai Municipality, which regularly inspects the products stores sell. Thus, the process of buying gold is rather transparent here. Stores in Dubai further have a large collection of designs that buyers can pick from. This collection is considered to be unparalleled the world over.
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