Gold prices in the United Arab Emirates, including Dubai, rose marginally on Tuesday, 22 November. The morning session reached AED 211.5 (roughly Rs. 4,707.76) per gram. Meanwhile, 22-carat gold is trading at a similar price to the previous session, holding steady at AED 198.5 (roughly Rs. 4,417.01). In terms of an ounce too, gold was trading higher by AED 3.67 to Rs 81.66). The yellow metal was priced at AED 6,407.82 (roughly Rs. 142,595.07) per ounce in the UAE. At the same time, one kilogram of silver was trading at AED 2483 (about Rs 55,255.98).
According to data from Dubai Gold and Jewelery Group, 21-carat gold was trading at AED 189.5 while 18-carat gold was at AED 162.5.
Gold was trading marginally lower at $1,765.7 an ounce, while silver was also trading lower at $21.3 an ounce at the New York-based Bullion Market (COMEX).
The United Arab Emirates, but more prominently Dubai, is popular among Indians as a site to buy gold for a number of reasons. For starters, gold is much cheaper in Dubai than in India. For example, the current price of 24K gold in Dubai is Rs 4,707.76 per gram. The cost of the same quantity in New Delhi is Rs.5,290.
Apart from the price point, buying gold in UAE is also tax-free. The yellow metal procured from this Middle-Eastern country also has a reputation for comparatively better quality. Additionally, the gold market in Dubai is better regulated and more organized and controlled. The variety of designs found in gold jewelery in Dubai is the cherry on top of the cake.
However, those wishing to benefit from the cheap gold prices in Dubai need to take care of the import duty imposed by the government on bringing gold from Dubai on your person. Apart from the regulations, the safety aspect is also something that the buyers need to keep in mind.
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