Gold prices in Dubai fell over 58 Dirhams for an ounce in the morning trading session on Monday, April 10. An ounce of gold in Dubai traded at 7,314.31 Dh or Rs 1,62,304.54. The prices of gold in Dubai and UAE follow the trend in the international market which saw Spot gold slipping 0.9 per cent to trade at $1,990.69 per ounce, as of 0402 GMT. Gold futures also slipped by 1 per cent to $2,006.30. The prices of gold in Dubai change across all varieties. The price of one gram of 24-carat gold, the purest variety of the precious metal, fell by Dh 1.75 or Indian Rupee (INR) 38.83.
According to Gold and Jewellery Group’s data, the prices of this variety of gold stood at Rs 241.25 Dh or Rs 5,353.34 on Monday. The prices of 22-carat gold were down by 2 Dh or Rs 44.38, trading at 223.50 Dh or INR 4,959.47.
A gram of 21-carat gold traded at Dh 216.25 Dh or Rs 4,798.59. A similar quantity of the 18-carat variety stood at Dh 185.25 or Rs 4,110.70.
The prices of gold were further made more lucrative for Indian buyers as the Rupee got stronger compared to Dh from the last recorded level. As per the latest exchange rate, 1 Dirham equalled Rs 22.19.
A kg of silver in Dubai was available for 2924 Dh or Rs 64,883.56.
Dubai, also known as the City of Gold, is among the most preferred destinations for buying gold for buyers from across the world. This is largely due to lower tax rates of the local government. Gold markets in Dubai follow international pricing, giving a uniform rate policy for the buyers to choose from. Further, gold only attracts a value-added tax of 5 per cent, making it much cheaper than in most parts of the world. In contrast, gold in India attracts multi-tier taxation including import duty, GST, Agriculture Infrastructure Development Cess, and TDS on physical gold.
While this may make Dubai a perfect destination to buy gold, it must be noted that the Indian government caps the amount of gold that you can bring in from Dubai. This limit depends on the time you have spent in the city and various other factors. This scrutiny of gold imports from gold from Dubai is done to ensure a favourable balance of payment. Gold brought in from Dubai over the prescribed limit invites several levies.
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