Check Dubai Gold Prices For February 2; Positive Global Cues Push Cost Of Gold Up In UAE

Riding on the back of positive global cues, the price of gold in Dubai jumped up in the morning trading session on Thursday, February 2.

The cost of the precious metal in the United Arab Emirates (UAE) continued the upward trend from the start of the month.

The cost of 24-carat gold rose by Arab Emirate Dirham (AED) 2.75 or Indian Rupee (INR) 61.25 per gram. One gram of this variety traded at Dh 236.5 or Rs 5,268.27.

According to Gold and Jewellery Group’s data, a gram of 22-carat gold in the Gulf Tiger was also up by Dh 2.74, trading at Dh 219 or Rs 4,878.88. The price of the 21-carat variety for the same quantity rose by Dh 2.5 or Rs 55.69. One gram of this variety traded at Dh 212 or Rs 4,723.05.

In the morning trading session on Thursday in the UAE, the 18-carat gold rates also rose by Dh 2.25. or Rs 50.12 per gram. The price of one gram of 18-carat gold stood at Dh 181.75 or Rs 4,048.90. An ounce of gold in Dubai went up from Dh 7,083.10 or Rs 157,792.73 to Dh 7,171.18 or Rs 159,775.37. On the other hand, a kilogram of silver cost Dh 2858.58 or Rs 63,701.80 in Dubai.

Dubai, known as the “City of Gold,” attracts a large number of people to its gold markets.

Indian buyers, in particular, flock to popular shopping destinations such as Baniya Street, Gold Souq, and Meena Bazaar to purchase precious metals at attractive prices.

The absence of taxes on gold bars, combined with a low 5 per cent VAT on other items such as jewellery, makes buying gold in Dubai a cheap affair. Foreign passport holders can even have the VAT waived simply by presenting their passports, making their purchases tax-free.

Additionally, the availability of cheap labour in Dubai results in low production costs and the possibility of negotiating for the best deals when it comes to making charges. This, along with the tax benefits, makes Dubai a desirable destination for gold purchases.

Whether for personal use or investment purposes, buyers can expect a hassle-free and cost-effective experience when shopping for gold in Dubai.

Read all the Latest Business News and Budget Live Updates here