Gold prices in Dubai remained flat in the morning trading session on Friday, February 24. The prices remained unchanged, trading at Dh 221 or Rs 4,978.10 for one gram of 24-carat gold, the purest variety of yellow metal. For the same quantity of 22-carat gold, people would have to put in Dh 204.50 or Rs 4,606.12 across cities in the UAE including Dubai. For one gram of 21-carat and 18-carat varieties of gold, individuals would need to pay Dh 198 or Rs 4,459.58 and Dh 169.75 or Rs 3,823.30 respectively. The latest exchange rate of 1 Arab Emirate Dirham (AED) equalled Rs 22.5
According to Gold and Jewellery Group’s data, In the morning trading session of Dubai, the price of an ounce of gold was recorded at Dh 6,697.75 or Rs 150,877.68. Silver prices for February 24 recorded a minimal dip with Dh 2,516 or Rs 56,679.24 for a kilogram of silver compared to Dh 2,540 or Rs 57,219.18 on Thursday.
Due to the exceptional quality and affordable pricing of the yellow metal, Dubai, also known as the City of Gold, is a favourite destination for purchasers from all over the world. Due to the intense market oversight and control in the UAE, the quality of the gold purchased from Dubai is guaranteed to be superior. Customers are assured of the purity of the gold they are purchasing through routine examinations and required hallmark certificates issued by all jewellers and gold souks.
Due to Dubai’s lack of taxes on gold, the yellow metal is more affordable in the middle eastern country than it is in the remaining part of the world. Dubai’s gold market tracks global prices, ensuring controlled prices in stores throughout the UAE. In Dubai, considerable negotiation by buyers further drives down the costs of gold items.
Indians who intend to purchase gold in Dubai should be aware that the overall cost will be higher for them when they return to India due to customs and other taxes that will be levied. The amount of gold that can be imported duty-free from the UAE is subject to several restrictions from the Indian government. People can bring home gold worth Rs 50,000 to 1,00,000 depending on their gender, length of time spent overseas, and other factors.
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