Last Updated: December 23, 2022, 13:16 IST
Check the price of gold in Dubai today. (Credits: Shutterstock)
The price of the 22-carat variety of gold in the United Arab Emirates stood at Dh 202.75, equating to Rs 4,574.83 per gram.
The rate of gold in Dubai in the morning trading session remained unchanged from the last recorded levels on December 22. However, due to a shift in the exchange rate between the Arab Emirates Dirham (AED) and Indian Rupee (INR), there was a change in prices for Indian buyers. The cost of 24-carat gold in UAE was stable at Dh 219 or Rs 4,941.27 per gram on Monday.
As per data furnished by Dubai Gold and Jewellery Group, the price of the 22-carat variety of gold in the United Arab Emirates stood at Dh 202.75, equating to Rs 4,574.83 per gram. The cost of 21-carat gold was also stable, with this variety of the yellow metal retailing at Dh 196.25 or Rs 4,428.09 in the morning session. The 18-carat variety of gold retailed at Dh 166.75 or Rs 3,756.68. The per-ounce rate of gold stood at Dh 6,639.03 or Rs 149,794.60.
On December 23, one kilogram of silver retailed at Dh 2,788 or Rs 62,906.42.
Every year, Dubai attracts buyers of gold from all corners of the world. People throng to buy the precious yellow metal from the “City of Gold” due to the low prices, security, and wide variety of gold jewellery available here. Gold in Dubai, and UAE in general, is cheaper because the government here does not levy any taxes on the purchase of the asset. Additionally, gold cost in the Middle Eastern country follow the prices in the international market, ensuring that there is uniform pricing across the entire nation. Prices on jewellery are also considerably lower since there is a significant margin to bargain on the making charges. Customers can also be assured about the quality of gold they are buying in Dubai because of the market being highly monitored, regulated, and organised. There are regular inspections and sellers are required to show hallmark certifications of the items they are selling to the buyers if demanded.
For Indian buyers, these conditions are rather favourable for buying gold. However, importing gold in any form from the UAE to India is not as appealing. There are several rules and regulations put in place by the Government of India to limit the amount of gold one can bring into the nation duty-free from the UAE. These restrictions take into account the amount of time an individual has spent abroad, and their gender. Based on these categorisations, individuals can bring in gold worth Rs 50,000 to 100,000. Beyond that limit, people have to pay hefty charges.
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