The price of gold in the morning trading session in Dubai and in the United Arab Emirates (UAE) remained unchanged from the last recorded levels on December 19. The price of 24-carat gold in UAE was stable at Arab Emirates Dirham (AED) 217.25 or Rs 4,894.43 on Monday. According to Dubai Gold and Jewellery Group data, the price of the 22-carat variety of gold in the UAE was also stationary at Dh 201, equating to Rs 4,528.51 per gram. On December 19, one kilogram of silver retailed at Dh 2743.87 or Rs 61,819.24.
The price of 21-carat gold saw no change either. It was being sold at Dh 194.75 or Rs 4,387.49 in the morning session. The 18-carat variety of gold retailed at Dh 166.75 or Rs 3,756.68. The per ounce price of gold recorded no change either, trading at Dh 6,583.98 or Rs 148,331.78.
Every year, thousands of buyers throng to the jewellery stores in Dubai to purchase the precious metal. The metropolis is well known as a popular destination for buying gold due to the high quality and low prices of the yellow metal. The quality assurance of the gold bought from Dubai comes from the high level of monitoring and regulation of the gold market in the UAE. Regular inspections and mandatory hallmark certifications mean that customers can be sure of the purity of the gold they are buying.
Not only is the gold here of high quality, but it is also relatively cheaper. This is the courtesy of gold purchases in the country being tax-exempt. In addition, the gold market in Dubai follows international rates, ensuring that all shops have the same prices. Buyers can also negotiate quite a bit in the making of charges levied on gold jewellery in Dubai, further bringing prices down.
However, importing gold from Dubai to India is a different story. The Government of India has put multiple regulations in place, limiting the amount of gold one can bring into the country duty-free from the UAE. Depending on the amount of time a person has spent abroad, and their gender, individuals can bring in gold worth Rs 50,000 to 100,000.
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