The price of gold in the morning trading session in Dubai and in the United Arab Emirates (UAE) inched back from the last levels recorded on Wednesday, December 14. The price of 24-carat gold in the UAE dropped by 2.25 Arab Emirates Dirham (AED) or Rs 50.52 on Thursday, trading at Dh 217 or Rs 4,872.59 in the first trading session of Thursday, December 15.
Dubai Gold and Jewellery Group Data suggested that the price of the 22-carat variety of gold in the UAE also fell by Dh 4.75, trading at Dh 201, equating to Rs 4,513.48 per gram. On Thursday, one kilogram of silver retailed at Dh 2766 (Rs 62,108.24).
The price of 21-carat gold saw a price drop of Dh 2. It was being sold at Dh 194.50 or Rs 4,367.73 in the morning session. The 18-carat variety of gold also saw a price drop, falling by Dh 1.50 and retailing at Dh 166.75 or Rs 3,744.52. The per ounce price of gold registered a plunge of Dh 66.06 or Rs 1,483.39. This resulted in the price of gold per ounce falling to Dh 6,576.64 or Rs 1, 47,680.45.
The gold market in UAE, and thus in Dubai, follows the international pricing of gold.
Dubai referred to as the “City of Gold”, is a popular destination for shoppers looking to purchase gold. The two primary factors that attract customers here are the comparatively low prices (courtesy of gold purchases being tax-exempt) and the assured quality of the yellow metal sold in Dubai markets.
However, for Indian nationals making shopping trips to Dubai for cheap, high-quality gold, it is important to note that there are multiple regulations limiting the amount of gold one can bring into the country from the UAE. The Indian government also levies various taxes and charges on bringing gold into the country.
The Central Board of Indirect Taxes & Customs (CBIC) levies a concessional rate of duty at 12.5 per cent and a social welfare surcharge at 1.25 per cent for gold to Indian Passport holders and persons of Indian origin if stays are for more than six months. In all other cases, bringing gold to India will invite a 38.5 per cent customs duty on gold.
The CBIC has limited the weight and amount of gold a male passenger residing abroad for over a year can bring in to 20 grams/Rs 50,000. The duty-free limit for female passengers is 40 grams/Rs 1,00,000.
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